How to Remove Name from Title Deeds?

DelilahFP

Hello

Is there an uncomplicated way to do the following..

Joint names on the title deeds of a house - the mortgage was split 2/3rds and 1/3rd - now 1/3 person wants nothing to do with the house and 2/3rds person has been financing the whole mortage for over two years - 1/3 person only came in at the beginning to 'help' but has gone her own way. (She has been given help from another quarter and will not be losing out in any way and has stated she has no, and wants no, claim on the house in question).
The mortgage company are satisfied with 2/3rds person taking over the whole mortgage.
Just a matter of changing the title deeds - can they do this themselves as both are in agreement?

Does a 'quitclaim deed form' work in the UK?

Any help most gratefully received.

00ec25

DelilahFP wrote: »

Does a 'quitclaim deed form' work in the UK?

no such thing in the UK.
However, you can DIY the transfer by using the correct Land Registry form - there is an official LR representative on these boards who will hopefully tell you what to use, but they may not be back at work after the holiday until next week so give it a few days

however, I would be surprised if the lender did not require you to use a solicitor for their legal side of things, unless you can get it wrapped up in the costs associated with the 2/3 person taking over the whole mortgage

Guest101

People buying houses and getting mortgages without a clue how it works. It's a worrying trend.

The 2/3 person needs to buy the 1/3 person out. If this was owned outright it can be done DIY. As it's not you need to remortgage for the full amount

loubel

DelilahFP wrote: »

The mortgage company are satisfied with 2/3rds person taking over the whole mortgage.
Just a matter of changing the title deeds - can they do this themselves as both are in agreement?

I would be very surprised if your lender agreed to let you DIY this. Usually you would need to do a remortgage with transfer of equity, although some will allow you to do a transfer of equity without amending the mortgage terms. They would always need a solicitor to act for them though and, unless you understand what you are doing, doing it yourself wouldn't be advisable anyway.

kingstreet

Current lender should be prepared to release the departing borrower(s) if the mortgage is affordable to the remaining borrower alone.

Once the lender has agreed, the matter will be passed to a solicitor to handle the legal aspects of the transfer of equity. Lender will insist on solicitor to represent its interests, even if you want to DIY, hence nothing saved, other than loss of your choice of solicitor!

Total cost, around £450 to £600.

DelilahFP

Guest101 wrote: »

People buying houses and getting mortgages without a clue how it works. It's a worrying trend.

The 2/3 person needs to buy the 1/3 person out. If this was owned outright it can be done DIY. As it's not you need to remortgage for the full amount

No need to be rude, thank you.

People change their minds/fall out/have other circs. Lender already approached, no problems there - the mortgage will not change, simply be transferred into one name. Small fee of £150.

My question relates only to the deeds...can it be done simply as all are in agreement - already explained there is no question of buying anyone out.

kingstreet

DelilahFP wrote: »

My question relates only to the deeds...can it be done simply as all are in agreement - already explained there is no question of buying anyone out.

No. Lender will insist on solicitor, as mortgage deed will require re-issue to release previous borrowers and charges register has to be amended at Land Registry.

Guest101

DelilahFP wrote: »

No need to be rude, thank you.

People change their minds/fall out/have other circs. Lender already approached, no problems there - the mortgage will not change, simply be transferred into one name. Small fee of £150.

My question relates only to the deeds...can it be done simply as all are in agreement - already explained there is no question of buying anyone out.

Sorry if you find the truth rude. But this is the basics of mortgages.

DelilahFP

Guest101 wrote: »

Sorry if you find the truth rude. But this is the basics of mortgages.

I do not find any truth rude, rather the manner in which it is imparted.

My question was polite and all answers, save for yours, have been useful and gratefully received.

Land_Registry

DelilahFP - late on parade for this thread so apologies

As others have mentioned the lender will invariably insist on a solicitor/conveyancer being involved. The lender's consent will also often be required whether their is a restriction actually registered on the title or a clause within the mortgage conditions.

However things can vary and in my experience such issues are often easier where you are reducing from say 3 to 2 as legal owners and in the mortgage as opposed to where you are increasing the numbers involved.

Our online FAQ explains the land registration process whereby the 3 would Transfer to just the 2. If the lender agrees then it may simply be a case of them providing their consent (likely) or being a party to the actual Transfer (unlikely).

As you will see from the FAQ there are a number of forms to be completed inc evidence of identity. We can assist with their completion but we cannot provide legal advice. See the Contact Us part of our website re how to contact us and/or lodge any application.

I would also stress that whilst completing the forms can appear quite onerous the content is quite straightforward. If completed correctly then the legal title can be transferred quite simply thereafter.

However we would always recommend not only seeking legal advice, for all 3 of you to ensure that you all appreciate any actions and consequences going forward especially with regards past/future liabilities. It is also advisable to get some wider advice around who holds what shares, wills and so on. Changing the registered title deals with the legal ownership but the other issues may need wider consideration although you may have gone through similar discussions when the property was first purchased/mortgaged.

pinkteapot

Also, if the additional 1/3 that you take on is worth more than £125k, you'll have to pay stamp duty on it.

This affects all non-married people who own houses in joint names. Add up the cash (if any) that you give the other person and the additional mortgage borrowing that you take on. If this exceeds the threshold (£125k) then stamp duty will be owed.