Deeds for mortgage swap

vegasvicar

Dear All,

I am hoping to reduce my mortgage but cannot do this without putting my partners name on our home deeds (as my income has dropped)... couple of questions:

1 - Where can this be done? Is it a simple process that I can do myself.

2 - As it is our primary residence & we have been together for over 10 years I'm assuming that there is no capital gains for her to pay - is this correct.

3 - Once the deeds have been changed we'll go over to a lower rate mortgage. I'm assuming prior to this if a new name goes on the deeds I don't have to inform anyone?

Any help would be greatly appreciated - Many thanks indeed x

kingstreet

vegasvicar wrote: »

Dear All,

I am hoping to reduce my mortgage but cannot do this without putting my partners name on our home deeds (as my income has dropped)... couple of questions:

1 - Where can this be done? Is it a simple process that I can do myself.

2 - As it is our primary residence & we have been together for over 10 years I'm assuming that there is no capital gains for her to pay - is this correct.

3 - Once the deeds have been changed we'll go over to a lower rate mortgage. I'm assuming prior to this if a new name goes on the deeds I don't have to inform anyone?

Any help would be greatly appreciated - Many thanks indeed x

1. You need to add her to the mortgage, via an application for a transfer of equity to your current lender. Once approved, the matter is passed to a solicitor for completion of the legal side. Typical cost £400 to £600.

You could also remortgage into joint names with a new lender, with the transfer of equity completing the process again.

2. Lender/solicitor.

3. As above.

You can't change these arbitrarily. A lender will not permit an addition to the ownership without first adding them to the mortgage as mentioned.

Why will the mortgage rate change by adding another person to the ownership/mortgage?

vegasvicar

Thanks for the reply.

No it won't change, I was just wanting to put her on and wondered if I could apply to the Land Registry myself - it may have been cheaper etc.. & could speed the process up when we change over in April.

No matters, spose that we will just wait till then & get it done in the one bundle.

Thanks again...

grey_gym_sock

changing the ownership requires the lender's consent - that's part of their rights with a mortgage. if you had no mortgage, i think you could just apply to the land registry.