Transfer of mortgage

Mitch_Connor

Hi,

I bought a house a few ago with my then girlfriend and we subsequently broke up. She is happy for me to take on the house and the bank have agreed in principle to let me do so.

However, I'm trying to plan ahead as to what fees and services I will need from this point. No doubt Nationwide will charge a few hundred for the trouble but will I also require solicitors to change the deed to be only in my name? Any other fees I should be aware of?

Thanks

cabbage

Hi

ask around re fees from a few solicitors. They basically do the same work as a remortgage but take your name off the deeds at the same time. Its called a transfer of equity.

If you wanted you could simply remortgage to another lender if your deal with Nationwide is not competitive enough and as part of the process do the transfer of equity at the same time.

alecsa

Solicitors' fee for the transfer of equity is £300-£500. Is money changing hands, what is the property value, and what is the mortgage balance? Depending on these answers there might be stamp duty payable on the transaction...

Mitch_Connor

Thanks for the response fellas.

The mortgage is reasonably competitive so I won't be looking to change that.

No money will be changing hands and the house is in negative equity (or thereabouts). Around 85k left on the mortgage with about 20k paid so far.