legal cost for altering names on mortgage

Betty_Sage

Good Evening,

My bank are transferring our joint mortgage into my husband's sole responsibility. Is it possible for me to save solicitor's fees for this name change by drafting my own letters? What is the procedure and can I save money by organising any of it myself?

It occurs to me that at one point my bank refused to store the property deeds without receipt of a fee, so instead they are in my husband's possession. I would like to be notified of the procedures and costing behind the administrative chain which is imposed around amending or adding to documents which are in his filing cabinet. We have previously agreed division of finances and the bank are all set to go ahead with the relevant typing required.

Many thanks in advance of your response.

swanny65

When I left my ex-wife and gave her the property 12 years ago I popped along to her solicitor and signed the property over.

I didn't bother with a solicitor or provide any documents.

Let_Us_See

You might not of bothered, but fortunately your wife did, and her solicitor would have completd the change to title deeds.

PS. Best leave it to solicitor.

Thrugelmir

Betty_Sage wrote: »

My bank are transferring our joint mortgage into my husband's sole responsibility. Is it possible for me to save solicitor's fees for this name change by drafting my own letters? What is the procedure and can I save money by organising any of it myself?

The solicitor represents the bank also. As until the mortgage is paid off the property belongs to them. So not merely a name change. Your husband will be required to sign various legal documents to effect this. Along with yourself of course.

ValHaller

Betty_Sage wrote: »

It occurs to me that at one point my bank refused to store the property deeds without receipt of a fee, so instead they are in my husband's possession. I would like to be notified of the procedures and costing behind the administrative chain which is imposed around amending or adding to documents which are in his filing cabinet. We have previously agreed division of finances and the bank are all set to go ahead with the relevant typing required.

If the property is registered with the Land Registry, then the documents in the filing cabinet are superseded.

kingstreet

A solicitor is needed to execute the new mortgage deed and this will be required by the mortgage lender.

Expect to pay £300 to £400 on top of any lender fees.

Land_Registry

Betty_Sage wrote: »

My bank are transferring our joint mortgage into my husband's sole responsibility. Is it possible for me to save solicitor's fees for this name change by drafting my own letters? What is the procedure and can I save money by organising any of it myself?

It occurs to me that at one point my bank refused to store the property deeds without receipt of a fee, so instead they are in my husband's possession. I would like to be notified of the procedures and costing behind the administrative chain which is imposed around amending or adding to documents which are in his filing cabinet. We have previously agreed division of finances and the bank are all set to go ahead with the relevant typing required.

Many thanks in advance of your response.

You refer to transferring the joint mortgage and to drafting your own letters but I assume that the property (legal title) is being transferred from your joint names to just his as well. This is not a simple name change but would require a Transfer (form TR1) to be completed - see our online FAQ re transferring a property

If that is indeed the case then the lender will most likely insist on legal representation for the borrower (husband) but that may not apply to you as you are coming off the registered title (record of legal ownership) for the property and the new mortgage will be his sole responsibility.

They will obviously require you to sign/execute the Transfer of title and provide evidence of identity but you can clarify this with the lender or your husband's conveyancer.

If the legal title is not being transferred and the change is something else then can you clarify exactly what is proposed?

The property deeds are a separate subject as ValHaller mentions and may not now have the same level of importance which you have previously attached to them - see our online FAQs for more guidance

kingstreet

I misread the OP, I'm afraid.

The lender will want a solicitor to represent it, to ensure the documentation is completed to its satisfaction. This would normally be the solicitor of the party remaining on the mortgage/deeds.

The party leaving is advised to seek independent legal advice, but is under no obligation to do so.