Repeat Q - really want advice please

swebber

Is there anybody out there who knows about transfering names on a Mortgage.

I am buying out my X and want his name transferred to somebody else, which he has agreed to, but have no idea if it is a costly or complicated process.

Advice really appreciated.

AndyWallace

It will involve a transfer of equity.

you and your new partner will have to get a new mortgage agreed with your current lender (or a new one) by making an application to them. If they approve your application then the conveyancer will conduct the transfer. Your ex will need to sign a TR1. He will be advised to take legal advice.

The costs of the transfer are usually in the region of £200 plus VAT when conducted with the remortgage.

Andy

swebber

Wow!

Thanks Andy that was exactly the sort of thing I was after.

If your still there or someone else can answer, am I understanding correctly, that at the time of the transfer, I can re-mortgage too???

Am on a really rubbish rate at the moment as was planning to do that as soon as the names were right on the current mortgage.

AndyWallace

Yes, you can apply for a remortgage in yours and new partners name.

The lender will make an offer without looking into the title of the property. (who owns it).

The transfer of equity will take place at the same time as the new mortgage is completed.

swebber

Thanks Andy, I feel a lot more confdent and able to move forward with my plans now.
Really helped me,

Sara