transfer of equity help!

crazycatlady92

Hi, I have a joint mortgage on a property which my ex... He hasn't lived here for two years and since then also hasn't paid a penny towards the mortgage. I'm trying to get his name off the house and transfer the equity to me. Here is where it gets complicated. We bought the property for £80,000 4 years ago and it's now worth ibk £75,000. There is £66000 left in the mortgage. Which doesn't exactly leave much equity. He has agreed to no money from the house, he just wants his name taken off the mortgage and deeds. My current partner lives with me and we would like to change the names to myself and his. Does anyone know whether this is possible in one process (i.e. Take ex off and add partner on)? Or would I have to put the property into my sole name then start the process of adding my other half on? I'm very confused!!

steeeb

You need to speak to your lender. They will need to do affordability checks and will require a solicitor to oversee it all so it all happens and once (ie mortgage and deeds changed).

crazycatlady92

steeeb wrote: »

You need to speak to your lender. They will need to do affordability checks and will require a solicitor to oversee it all so it all happens and once (ie mortgage and deeds changed).

Thanks Steeeb - I tried to transfer last year and it all went through but was rejected at the last stage due to my outgoing which I have significantly reduced! Does anyone know if adding my partner onto the mortgage will strengthen the chance of them transferring it? (I.e would it be wise to add him to he mortgage FIRST then remove the other party)?

steeeb

crazycatlady92 wrote: »

Thanks Steeeb - I tried to transfer last year and it all went through but was rejected at the last stage due to my outgoing which I have significantly reduced! Does anyone know if adding my partner onto the mortgage will strengthen the chance of them transferring it? (I.e would it be wise to add him to he mortgage FIRST then remove the other party)?

I assume your partner is working, doesn't have any debts, no costly outgoings no other dependents?

crazycatlady92

steeeb wrote: »

I assume your partner is working, doesn't have any debts, no costly outgoings no other dependents?

Hi yes he earns slightly more than me - has a small loan of £5000 which he pays around £100 a month off and has an excellent credit score. Thank you

steeeb

crazycatlady92 wrote: »

Hi yes he earns slightly more than me - has a small loan of £5000 which he pays around £100 a month off and has an excellent credit score. Thank you

It'd likely work out better adding him then if that is an option and that is the eventual goal anyway.

Edi81

Remember, that taking ex off and putting new on will require a new mortgage. In effect your new partner will be buying the property from your ex. You will need a solicitor as well.

Goldiegirl

Speak to your lender.

Generally, a Transfer of Equity is not a new mortgage. It's the same mortgage as you have now, but the names on the mortgage (and Land Registry) are being changed.

The removal of one borrower and the addition of another will probably be part of the same transaction.

A solicitor will be needed to make sure the Land Registry records are updated on completion of the Transfer

crazycatlady92

Goldiegirl wrote: »

Speak to your lender.

Generally, a Transfer of Equity is not a new mortgage. It's the same mortgage as you have now, but the names on the mortgage (and Land Registry) are being changed.

The removal of one borrower and the addition of another will probably be part of the same transaction.

A solicitor will be needed to make sure the Land Registry records are updated on completion of the Transfer

Thanks - I've an appointment to see the mortgage adviaor at the bank on Saturday so hopefully they can put the wheels into motion. Fed up of living somewhere that doesn't 100% feel like mine even though I'm paying the mortgage!