Restriction on property, remortgaging.

buytwolet

xHannahx wrote: »

Will the mortgage company you are paying off with the remortgage not discharge their charge when you settle and removing said caution in the process?

State of play; I just spoke to a very helpfully and knowledgeable Co-operative employee in the mortgaging department and he said they will lift their restriction on the day of completion. He brought up the land registry details and said the restriction holding up the transfer is #3 in my title absolute and to get that lifted I need to complete form SEV does this sound about right?

Land_Registry

The form A restriction (entry 3) shouldn't hold up the transfer of equity as you are both transferring to just your wife so it is probably what happens afterwards that you need to consider as the restriction would simply remain registered.

Something presumably you are discussing to decide how best to protect your interest in the property as if then registered in wife's sole name and mortgage is hers as well then where do you fit in?

buytwolet

Land_Registry_representative wrote: »

The form A restriction (entry 3) shouldn't hold up the transfer of equity as you are both transferring to just your wife so it is probably what happens afterwards that you need to consider as the restriction would simply remain registered.

Something presumably you are discussing to decide how best to protect your interest in the property as if then registered in wife's sole name and mortgage is hers as well then where do you fit in?

Thanks for the reply, reassuring to say the least.

This is my wife's property, reasoning on my name being on the deeds in the first place was as a requirement by mortgage provider (earnings). It's her equity.

We run our finances separately and our intention is that I buy another house solely in my name within the next 2-3 years and we live across both properties. A substantial part of the deposit has been transferred to my account already (£100,000).