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Joint to Sole mortgage - do I need solicitors?
london_lady
Posts: 3 Newbie
I am currently on a mortgage with my father who is retiring this month. I am looking to remortgage to get both a better rate as well as to add to the mortgage to redo the kitchen. Now that my father is retiring I won't be able to remortgage on his income and would like the mortgage to be in my sole name (I will pass all affordability checks). Do I need to get solicitors involved in order to move from joint to sole or can I simply remortgage in my sole name? What is the simplest and most straight forward way of doing this?
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Comments
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What is the total size of the mortgage? If it is over £250K you will crystallise a SDRT liability by effecting a transfer of equity from jointly with your father to soley by yourself.0
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The total size of the mortgage is £178k (value of property is £300k).0
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It's a change of ownership so you will need a solicitor.
As you're effectively buying £150k of property I reckon there will also be a £1,500 stamp duty liability.0 -
Lender will require a nominated solicitor. As the solicitor will represent not just you but the lender interests as well in undertaking the transaction.0
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PeacefulWaters wrote: »
As you're effectively buying £150k of property I reckon there will also be a £1,500 stamp duty liability.
Assuming there is no other consideration (beyond the mortgage) involved, then there will be no SDRT liability as the transfer is below £125k (£178k mortgage divided by 2).0 -
Is the SD liability based upon value or lending?0
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Consideration (which in this case is the value of the additional mortgage the OP is taking on) - ie half the mortgage (if there is any additional money changing hands too this would also be considered - however, I presume there isn't).0
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I agree with TD.
SDLT liability only appears if mortgage is over £250k.
Solicitor will be required to execute change to mortgage deed and ownership, following lender agreement to proceed on sole borrower basis.
Typical total cost of TofE is £400 to £600.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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