Remortgage + Remove a name

Ben1982

Hi,

I currently have a shared ownership flat with my sister (and have done for almost 3 years).

Anyway we're wanting to go our separate ways (namely, her find her own council place so at some point my girlfriend can move in). I've also currently got the Money Saving Buzz, and want to remortgage to hopefully cut some of my expenditure and possibly reduce the term of the mortgage at the same time.

The council currently are saying that because she has an interest in a property they want to know the ins and outs of a cat's backside (mainly: that the mortgage hasn't came out of her account..... which it has, but I've been putting the money in her account to cover it). She wants her name off the deeds and mortgage, to make her search for a new home easier.

My question is simple..... can these be done at the same time? if not is it better to get her name taken off first, or remortgage "with her" and then get her name taken off?

Mortgage details are:
£47,250 (35% share of property).
Tracker mortgage with KRBS (25 Years), and last month has gone up to 6.250% !!!!! (£310.14pcm).

I'm guessing that if it can't be done at the same time then remortgaging first is going to be the key?

Cheers

Ben

Mr_helpful

You can remortgage and take her name off though it will cost you a few pounds at the solicitors for the transfer of equity. One thing with shared ownership, A pound for pound remortgage is easy but if capital raising on your share the lenders who will play ball is very limited. So if sister wants money out it may get sticky.

MortgageMamma

wardlaw wrote: »

WHAT YOU ARE SUGGESTING, CAN MOST CERTAINLY BE DON AND LOOKS AS IF YOU HAVE THOIGHT IT THROUGH
You can re-mortgage,put the house into your sole name only and move on Are yoiu intending to purchase a greater share of the equity from youir houing association ?

If you want help 27 years experience as independent mortgage broker

[EMAIL="johnmw5@hotmail.com"]johnmw5@hotmail.com[/EMAIL]

www.john.mortgageangels.co.uk
I am a Mortgage Adviser

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 financi

John did you not see my last post trying to help you out about leaving contact details on the public forum? its against the rules. If I see this again I will be reporting you to abuse and you will be removed from the forums. I'm also going to be writing to your mortgage network, with copies of these entries, I'm sure they'd be interested to know you are promoting your company financially without the authorisation of the financial promotions dept.

Ben1982

Mr_helpful wrote: »

You can remortgage and take her name off though it will cost you a few pounds at the solicitors for the transfer of equity. One thing with shared ownership, A pound for pound remortgage is easy but if capital raising on your share the lenders who will play ball is very limited. So if sister wants money out it may get sticky.

Thanks Spoke to a mortgage advisor I have used in the past on Tuesday, and they've got the wheels in motion for me.

Have only gone for a pound for pound remortgage, wanting to save money for a few years before moving on, and increasing the share will mean I'll need to buy the share at the current value, so I will effectively be "rebuying" the flat.

Cheers