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Advice please on Transfer of Deeds
FenellaFudge
Posts: 1 Newbie
Hi
Hoping someone can help. Google is not my friend :-)
My husband and I own 3 houses, all with mortgages outstanding. We live in one and rent two out.
We have joint mortgages for all.
We would like to have the two rented properties in my name only so would like to transfer the seeds to solely me but leave the mortgages in both names.
I don't work but my husband does.
Is this possible? Would the mortgage companies need to know if the mortgages are staying the same? Would we need to pay Stamp Duty? Is it a fairly straight forward procedure?
I've been given a quote of £420 by my solicitor but haven't been given any advice as to what will actually happen.
Hopefully some kind, knowledgable soul on here can help me
Hoping someone can help. Google is not my friend :-)
My husband and I own 3 houses, all with mortgages outstanding. We live in one and rent two out.
We have joint mortgages for all.
We would like to have the two rented properties in my name only so would like to transfer the seeds to solely me but leave the mortgages in both names.
I don't work but my husband does.
Is this possible? Would the mortgage companies need to know if the mortgages are staying the same? Would we need to pay Stamp Duty? Is it a fairly straight forward procedure?
I've been given a quote of £420 by my solicitor but haven't been given any advice as to what will actually happen.
Hopefully some kind, knowledgable soul on here can help me
0
Comments
-
I think that you would need the consent of the BTL mortgage lenders before you can transfer the ownership to your name only whilst both of you remain on the mortgage and there are very few lenders who allow that.
I'm pretty sure the Land Registry would need something from the lender(s) before carrying out the transfer of ownership.0 -
The terms of your mortgages are likely to require you to notify your lender of such a change
If they have a restriction registered on each title which requires their consent to such a Transfer of ownership then that would also be required.
Stamp Duty is covered by HMRC“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0
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