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Transfer of equity on a mortgage
Redhawk24
Posts: 2 Newbie
Hi,
Here is a little background info first.
After me and my ex broke-up I have been living in the house we both have a joint mortgage on. She moved out several years ago now but still continued to pay her side of the mortgage. As we are both getting on with our lives (I wanting to move town and she getting married to her new fella this year) we decided to sign over the property to her new partner.
My question is this, how long should a transfer of equity application take? And what fees / issues could I expect?
Thank you
Sam
Here is a little background info first.
After me and my ex broke-up I have been living in the house we both have a joint mortgage on. She moved out several years ago now but still continued to pay her side of the mortgage. As we are both getting on with our lives (I wanting to move town and she getting married to her new fella this year) we decided to sign over the property to her new partner.
My question is this, how long should a transfer of equity application take? And what fees / issues could I expect?
Thank you
Sam
0
Comments
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she would need the mortgage companies permission and they would look probably use their usual affordability criteria for their joint income.0
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TOE no more than £300 plus Vat, plus the lender has to agree affordability, so until they have done that i wouldnt bother getting a solicitor involved until affordability confirmed. Good Luck as lots are declined for this purpose alone.I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.0
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Your ex's new partner would technically be purchasing the property. So would need to obtain a mortgage to proceed.0
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