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Change of parties advice please.
Dav82w
Posts: 21 Forumite
My friend and I bought a house together in 2007. Were tenants in common and the mortgage is in both our names.
To cut a long story short, my friend is now getting married and he and his wife to be need a place to live. Their currently renting, while he is also paying his half of the mortgage. As I am now the only one living in the house (large 4 bed) it makes sense they move in here and start a family, and I find myself a little flat.
So our solution is a change of parties. My friends girlfriend has a bad credit rating so we wont bother putting her on it. Instead his fathers agreed.
Northern rock have said it can be done, but we need to find a solicitor.
My question is, who finds the solicitor? is it me? as I want my name of the mortgage. Or is it my friend and his dad? as he wants to replace me on the mortgage. And finally does anyone know how much a change of parties would cost with regards to solicitors?
To cut a long story short, my friend is now getting married and he and his wife to be need a place to live. Their currently renting, while he is also paying his half of the mortgage. As I am now the only one living in the house (large 4 bed) it makes sense they move in here and start a family, and I find myself a little flat.
So our solution is a change of parties. My friends girlfriend has a bad credit rating so we wont bother putting her on it. Instead his fathers agreed.
Northern rock have said it can be done, but we need to find a solicitor.
My question is, who finds the solicitor? is it me? as I want my name of the mortgage. Or is it my friend and his dad? as he wants to replace me on the mortgage. And finally does anyone know how much a change of parties would cost with regards to solicitors?
0
Comments
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You will probably need one solicitor each, but you will definitely need one if your name's coming off. I did transfer of equity with ex, i had solicitor for me, i was keeping house, he just got solicitor to verify who he was on documentation for Land Registry. Cost me about £550, him £7.00!! but we shared the cost.0
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