Options on changing a name on a mortgage

Pearl1

What's the best way of changing a name on a mortgage and what steps are taken?
A friend has bought 4 buy to let flats which need renovating and now he's realised he hasn't got enough to funds to complete.
Plan is I come in, help fund it and put my name on 2 of the mortgages.
Is this possible??
What are the times scales?

Cheers

House.buyer.sarah

I could be wrong but you can't just " change name on mortgage" you would have to apply for mortgage in the two properties and buy them off him... I'm sure more knowledgable people will be along though .. Could be different in a business sense

kingstreet

A transfer of equity will require the lender's approval for you to join the mortgage. You'll be vetted like any new borrower.

Once that is done, the matter will be passed to a solicitor for the legal work to be done. Typical cost £400 to £600. If the mortgage is more than £250k, stamp duty will be payable.

Timescale? As long as it takes, perhaps a couple of months.

If you plan to replace the current borrower, this is a whole new mortgage application and effectively, you are purchasing the property and all that entails...

Yorkie1

What condition are the flats you're planning to go onto the mortgages for? As KS says, are you joining your friend on those mortgages, or taking out ones just in your own name?

davidmcn

House.buyer.sarah wrote: »

you would have to apply for mortgage in the two properties and buy them off him

kingstreet wrote: »

If you plan to replace the current borrower, this is a whole new mortgage application and effectively, you are purchasing the property and all that entails...

The OP isn't very clear, but I think they mean "bought" in the "offer accepted in principle" sense, in which case it's probably slightly simpler, assuming the seller doesn't care who ends up paying the price.

kingstreet

Yes, you're right.

He has agreed to purchase, but has not yet done so.

In which case, it's a decision on joint purchase and mortgage, or OP purchasing two of them alone?

Pearl1

Hi
So there are 4 flats in one building
Each one is 116k which has been accepted
Each one has a buy to let mortgage on it in the names of my mate and his wife, 2 of the mortgages have gone through the remaining 2 (which I want to put my wife and I on) haven't gone through as yet.
5k retention has been held one,
8-12k is required in renovation works on each one
The property is let at present.
Complete the works in 6-8months,