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Transfer of Title - fee
LouisaF
Posts: 5 Forumite
My partner had a mortgage with his ex partner who left the house and now he is wishing to remove her name from the mortgage (with consent) and add me. The fee to do this is £150.
Who is responsible for paying this fee?
Thanks
Who is responsible for paying this fee?
Thanks
0
Comments
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You and your partner.I am a Mortgage AdviserYou should note that this site doesn't 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 shouldn't be seen as financial advice.0
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Whoever wants to make the change.0
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Good point. I just presumed it would be you and your partner. If that isnt the case then it wouldnt be you who would pay for it.opinions4u wrote: »Whoever wants to make the change.I am a Mortgage AdviserYou should note that this site doesn't 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 shouldn't be seen as financial advice.0 -
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£150 isn't enough.
That may well be the lender's admin fee. There'll be another £300 - £450 solicitor's fees on top of that for completing a transfer of equity.I am a mortgage broker. You should note that this site doesn't 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 shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
agreed with kingstreet - and which lender has agreed to simply take his ex's name off and add you on, based on a charge of £150? that seems incredibly flexible by today's standards.
you might find that this £150 is just an admin charge to go through a mortgage reapplication. In which case you could potentially pay the £150 and be rejected, so you're not any further forward. in my opinion its you and your partner who need to pay the £150 because its you two who want to apply for the remortgage on the house.
assuming you meet the application requirements of the lender both you & your current partner, and his ex, will need to pay a solicitor to handle transfer of equity paperwork. I'm going through this at the moment and I've agreed to cover my ex's solicitor expenses just to get it done - I can tell you that both halves of that TofE cost amount to about £800.00.
Have you considered that your partner's ex may require some return on her capital investment? If she's been paying the mortgage for however long then she's entitled to be 'bought out'... this process might not be as cheap as you're hoping...0
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