How long does an application take on a transfer of equity?

fedup1982

Hi,

I have had an agreement in principle based on my income. I already have a mortgage with the building society and am keeping my existing mortgaging but applying to have it in my name only so my ex wont be on it any longer.

How long can it take for the application to be processed? They have all my payslips etc now. Could it be a straight yes as i have reduced it to the amount they will lend me based on my income? I have a mortgage previously on my own with the same building society before i had the joint mortgage. I have never missed a mortgage payment. But i do have an overdraft which i go into at the end of each month. Its a £500 overdraft.

_Andy_

Have you asked the lender?

afly

I did this recently. I imagine it will vary alot depending on which lender it is.

With nationwide, I paid the fee to start the process and got an email 4 hrs later saying it was approved and in the post. The document took 11 days to get to my solicitor which was by far the biggest slowdown. Solicitor wanted both parties to sign the TOE contract which we did the day it arrived and thats pretty much it, its sent off to the land registry

Had they sent the document first class, we could of done it in 3 days start to finish

fedup1982

Hi,

I am also with Natiownide i have paid the fee. Did you use their solicotors? How long did they take?

I dont currently live in my house despite owning more than 50% of it (deposit i put down which was legally signed as mine compared to his 0 deposit).
My ex will only move out the day his name comes off the mortgage so im guessing thats when the soliciotors paperwork is signed. Is this bit pretty straight forward? Can he prolong that bit?

afly

No, we used our own solicitors. The nationwide panelists may take slightly longer I suppose.

For us, once the bank had approved it, it was very easy. Although the TOE contract does need to be signed by both parties so there may be an opportunity for dragging his heels there

fedup1982

I'm hoping they are processing my application today, i have had one late payment on a car loan which i have since paid off and i do go into my agreed over draft every month but the mortgage is at the balance they will lend me based on my income. The only debt i have is a small student loan. Did yours get referred to the underwriters? i have been told mine might not do.

Just can't wait to get this all over with.

afly

I don't know tbh, the 4 hr turnaround seemed ridiculously quick to me so I'm guessing not. I should mention though, I was also adding a person onto the mortgage as well as removing one so I wasn't to be the sole mortgage holder.

Good luck! I hope it comes through

amnblog

Fedup - you have missed the point from Andy.

Have you asked the lender when you can expect a response?

You casually mention the missed car loan payment, but this is the kind of thing that Nationwide will consider when assessing your application.

Currently they have two people responsible for this borrowing. You are asking them to remove one from this responsibility and leave the debt with the other borrower, at the limit of their affordability, with evidence on file that credit payments have not been maintained the the past.

This sounds more like an 'if' then a 'when'. If you get a yes you will have had a result - be patient.

_Andy_

Give the lender a ring

amnblog

_Andy_ wrote: »

Give the lender a ring

The posters assume you have shares in BT Andy.

I was going to put a post on here to find out what's for dinner. I think I might just ring my better half.

Goldiegirl

I used to do deal with a lot of Transfer of Equity applications, and the answer to how long will it take really is 'how long is a piece of string'.

Each application was different and some could be very involved.

Sometimes we could issue a Consent within days ........ sometimes a year would pass and we still couldn't give our consent.

Of course, once our consent was issued the solicitor then had to do his thing, and that could drag on too, depending on the complexity of the case.

As Andy says, ask the lender and ask the solicitor