Legal Standing on Mortgage Transfer

Redcar1805

Hello,

Not sure if I a posting in the correct forum. Bare with me if not.

We have a mortgage house where over the time, the mortgage has been in the name of different sibling. Before I moved out, it was in my name and I paid towards it. When I moved out, the house was re-mortgaged in my brothers name and he with my sisters paid half. Now my brother has moved out and the mortgage is being paid by my sisters.

I would like to transfer the mortgage into their names. Specially as my brothers new partner has taken a keen interest in the house. My sisters as well as my mother have always lived there and contributed to the mortgage and the keep of the house.

Legally where do we stand. My sisters have always worked (one of them for 35 years same company) but their income was never enough to include them on the mortgage deed. Is it possible to simply transfer the mortgage over to them or would they have to go down the road of re-mortgaging the house.

All help and advice would be much appreciated.

somethingcorporate

It would have to be remortgaged away from your brother although it would need his consent for it to happen.

A few questions to get you started:
How much is the house worth?
What is the value of the mortgage?
How much do your sisters earn?

Goldiegirl

So at present the mortgage (and the property) is in the sole name of your brother.

Therefore, it is up him to make any decision about the property, and no one else.

You could speak to your brother about whether he'd be willing to transfer the house and mortgage to your sisters, to protect their long term living arrangements. But if he doesn't want to do this, there's nothing you could do, as you are not the property owner, or named on the mortgage.

If he does agree, instead of remortgaging he could apply to the lender to get their permission for the current mortgage and the property to be transferred to your sisters. This would be subject to your sisters passing the lenders underwriting and affordability checks.

If sounds like you don't trust your brothers partner - best not mention that to him, as it'll put his back up at the outset, and he'd be unlikely to agree to anything!