changing one of the people on a mortgage

huwy123

Hi there,

I currently have a joint mortgage with my brother. I'm looking to take my name off my brothers mortgage - his girlfriend is to replace me. The lender has approved the change they have just asked us to get a solicitor to draw up the documentation.

I have had a quote from a solicitor which when you include the various land and search fees comes to £500. I almost fell off my chair!

Is there a way we can get this done for less money? I, perhaps naively, thought it would be simple enough to replace my name on the deed with that of his girlfriend.

Cheers,
Huw

opinions4u

I'd have expected it to cost £300+. But it's not a transaction I've been involved in for several years so I could well be out of date!

The solicitor has a duty to ensure that your brother's girlfriend's purchase of this property doesn't leave her open to losses that could have been identified during the legal process. If a particular local authority charges a higher than average fee for land searches (and they do tend to bump their fees up when funds from central government start to feel the strain) then this alone could rack up a significant cost. Additionally, the locality of a solicitor can affect fees. Posher areas cost more.

It's not the same as opening a joint savings account. This lady is taking on responsibility for something that could cost her a lot of money in the future. She should probably arrange for a survey too, but love is blind so she'll happily take on the risks of her boyfriend's home.

Shop around is the best suggestion anybody can come up with.