Change Mortgage and Deed names

angeljay

I think I am in the right section to ask these questions, my ex partner has been the name on the house deeds and mortgage since we broke up over 5 years ago. I pay all bills and have not spoke to him in about 2 years.

My partner now i live with have disscussed putting his name on deeds and mortgage, firstly can he be put on the deeds but not the mortgage removing my ex? If so, how do we change this?

He is currently on a debt management plan and so his credit is not that good, if I applied to northern rock for a change in parties (keep me and remove ex for his name) would this still be considered even though he is on this debt management plan or is there no point in applying?

Thanks for help.

kingstreet

Issue one - you can ask the lender to remove your former partner from the mortgage and the deeds, if you have the means of justifying affordability for the mortgage in your sole name.

This is a transfer of equity and if the lender agrees to it, a solicitor is required to complete the transfer. The cost of a TofE is between £400 and £600.

Issue two - lenders won't allow someone to be added to the deeds and not the mortgage. If you wish to add your new partner as you remove your old one, this is a "one on, one off" transfer of equity and just as you needed the lender's permission to take someone off, you need the lender's permission to add someone.

I can't tell you what Northern Rock's attitude might be to your partner's credit situation. In these circumstances it would be best to simply ask them.

angeljay

Thanks for replying, I have applied to have the mortgage moved to my sole name only and regardless of at the time i was living alone paying the mortgage myself the bank saw it as that I was not able to afford the mortgage alone.

In regards to changing names on the deeds and mortgage how do I go about this? Do I need to apply to have partners name put on mortgage will this change the deeds as well or await descion from northern rock about mortgage and then apply for deed change? Who do I apply to for deed change?

kingstreet

It's all part and parcel, started by you contacting the lender and ends with the solicitor normally appointed by the lender, at your expense.

The transfer of equity is completed when the lender gives its approval to the alteration of the mortgage and passes the matter to a solicitor who will finalise the change of ownership at the Land Registry.

Your former partner's written agreement to his removal from the mortgage and deeds will be required before your current partner can be added.

rising_from_the_ashes

I wanted someone removed from my NR mortgage (no transfer of equity issue) and there was a charge for it - from memory it was somewhere between £350 - £400 and it would take around 8 weeks

They also said a full credit / mortgage application would be required (which may well be a problem if your partner is on a DMP) - even though I'd paid the mortgage myself for 4 + years .... in the end I went to another mortgage provider.

kingstreet

What do you mean "no transfer of equity issue"?

rising_from_the_ashes

kingstreet wrote: »

What do you mean "no transfer of equity issue"?

The deeds were only in my name but there was another person on the mortgage - sorry if I've used the wrong term:o

kingstreet

rising_from_the_ashes wrote: »

The deeds were only in my name but there was another person on the mortgage - sorry if I've used the wrong term:o

No. It's fine. I was just curious what you meant. HSBC is it? They seem happy to have borrowers on the mortgage who aren't named on the deeds. I guess they would really, wouldn't they? More people to get the money back from later...

rising_from_the_ashes

kingstreet wrote: »

No. It's fine. I was just curious what you meant. HSBC is it? They seem happy to have borrowers on the mortgage who aren't named on the deeds. I guess they would really, wouldn't they? More people to get the money back from later...

The original mortgage was with Northern Rock (not NRAM).

Funnily enough, it was HSBC I was trying to move to - but they wouldn't do it unless the other person was removed from the mortgage first.

That's when I found out that I'd have to basically through a whole new mortgage check with NR to check affordability etc, it seemed silly to pay for this / waste the time when I was looking to go elsewhere anyway.

Ended up going with another lender who had no issues with it at all as they said the original mortgage would be cleared/closed and the new one would start afresh with just me on it - it was a totally hassle free transaction in the end:)

Thrugelmir

angeljay wrote: »

He is currently on a debt management plan and so his credit is not that good,

Needs to be resolved first. Effects may last for a while after settlement as well. So this needs to be cleared asap. In order for you to move forward.

DVardysShadow

You do need to get you ex's consent. Without that, the Land Reg should not do anything.