Changing names on a mortgage

Idiophreak

Hi All

This situation has resolved itself now, so the question's mainly hypothetical for future reference:

My sister wanted to move to Wales to be near her boyfriend, the two of them were keen to buy a property together, but had a bit of a chicken and egg scenario - was hard to get a job because she wasn't "local" and wouldn't get a mortgage because she didn't get a job.

By way of a solution, I thought of agreeing to start a mortgage with her bf until she had found a job, then transferring my half over to her.

In the end I didn't bother looking into this idea as I presumed we'd pay billions of legal fees etc.

Was I right to think this?

Ta!

Rick62

Yes, it would be a 'transfer of equity' requiring lawyers (circa £500) subject to agreement of the lender (and typically a lenders charge, say £300) and potentially giving rise to stamp duty on the 50% transferrred (if over the limit). So not billions, but not free!