joint mortgage legal stuff etc help, please read.

everton09

Hi, As some of you might know im remortgaging with First Direct. I have been informed today that because the mortgage will be from a single named mortgage (in my name) and into joint names ( me and my Wife) I need to get independant legal advice, this is because a solicitor has to tell my wife legally that she will be having a joint mortgage, and also something about signing a form which I dont quite understand. I am waiting for the paperwork to come from first direct. Could anyone on here give me more info about this and try and explain it to me ,also how much it wil cost me.

Thanks in advance

Mike.

JoeK_3

This is a transfer of equity.

Transferring the equity from one person to another, i.e. joint.

As well as this, your wife will become responsible for the mortgage equally with you on a joint and several basis. This means that if you do not pay the mortgage, she will be equally responsible.

The law requires that independent legal advice is sought to explain this to your wife.

JoeK

everton09

Thanks Joe,

Any idea how long this will take? when I take the paper work to them is it something they can do straight away? any idea of cost ( off the top of your head is fine)

Cheers Mike.

JoeK_3

Mike, it's literally a warning from the solicitor to your wife about the debt and simply signing the document. The document will normally be sent to the lender by the solicitor. 1/2 hour?

The cost, well you should ring them up and ask them but £125 + vat?

JoeK