Removal of Name from both Mortgage and Title Deed

TheHonestMan

Good Evening, have checked some threads and couldnt find one specific to my circumstances so thought I would start a new one.

Myself and two friends bought a flat around 4 years ago. All three are named on the mortgage and all three are named on the title deed. After one year I moved away for work and no longer live in the purchased flat.

The two friends that are left behind have contributed to the mortgage themselves. I am at the stage now that I would like to be removed from both the Mortgage and the Title Deeds and start afresh. My two friends are happy to take my share from me and as I have not contributed for the majority of the time I have no problems signing everything over... I just dont know where to start, talk to the lender? straight to a solicitor, cost and time involved? Any help would be appreciated

Thanks

kingstreet

Start with the lender. The other two will have to be vetted by the lender to ensure they can afford the mortgage without you. Once this is accepted by the lender, the matter will be passed to a solicitor to complete a transfer of equity to remove you from the property ownership. The total cost will be between £400 and £600.