Transfer of Ownership - Halifax

Calsa67

Hi,

I am at the beginning of the process of transferring ownership of a property into my sole name following splitting with my OH.

The lender is Halifax and I have had an initial appointment with a mortgage advisor from the bank. They carried out an affordability assessment and found that I would not be eligible due to credit card debt. The advisor stated that if I could clear the debt I would become eligible. I have since cleared it and have arranged another appointment to progress things.

My question is this: What else is involved before I find out whether or not I will be approved? The advisor has asked only for my three most recent payslips – nothing else. Is this normally the case?

I have notified my lawyer and my ex-partner has waived any right to equity from the property (next to nothing in it as we only bought it in Oct ’13 on a 90% LTV mortgage)

Would be particularly interested to hear from others who have went through a similar experience.

Cheers

Goldiegirl

I used to deal with Transfer of Equity applications when I worked at the Halifax.

At the next interview you can expect them to key all your information into the computer.

This will determine if your pass their credit scoring system.

If you are a 'pass', they'll be able to proceed further with the application. If you passed the credit score with a high pass score, they might just need your latest three months payslips, if it's a lower score they might need other information, such as bank statements.

When all the documents are gathered together they'll check them to make sure it confirms the information that you gave them.

Then they'll pass it to the underwriter, who, if happy with everything will approve the application.

You'll then get the offer, and the solicitor will get a copy of the offer too.

The solicitor will do the legal work, get the names changed on the deeds, and when the deeds are in your name, will advise the Halifax, who will transfer the mortgage to your sole name.

That's about it, really!

Calsa67

Thanks for the reply and information. Expect I will pass the initial credit check as the debt has now been cleared. See what comes after that.

Thank again.

Calsa67

Appointment was positive today. I've passed the affordability assessment and paid the transfer of mortgage property fee. Now need my ex-partner to give her consent before an offer can be issued and then sent to my solicitor.

Process must have changed, somewhat, as the advisor stated that the system acts as the underwriter and never required to send any documentation off, at this point at least.

Hopefully be done within the next month.

Calsa67

So this is not going as straightforward as I had hoped...

My ex-partner has reneged on our personal agreement to transfer the mortgage over to me, so I have offered more money as a last resort. When she originally moved out, I never contested her decision not to pay anything to the mortgage as I tried to placate the situation with a view to coming to as speedy a resolution as possible. Now, as it looks likes I will not be given consent to take over the house, I'm not comfortable paying everything until the house gets sold.

I fear that there will be no money forthcoming from my ex-partner and wondered if anybody had experience of a similar situation? I certainly do not wish to affect my credit history with payments being missed but at the same time, I do not believe I should be liable for the whole cost considering the situation.

foxy-stoat

Tricky, your both liable for the debt and both have a 50/50 share of the equity in the lenders eyes until the ex signs the Transfer of Equity over to you or the property is sold. If you miss payments then both credit histories will be effected. If you want another mortgage in the next 5 years I would suggest you make sure that no payments are missed, if that means paying more than the Ex then so be it.

Either pursade the Ex to sign the TOE with some consideration, dealth with via your solicitor, or
Sell up and split any equity left over after paying the solicitor, estate agent and any early repayment charges for the lender.

Calsa67

I'm certainly not risking my own credit history so I've covered this month's payment as my ex is simply refusing and has stated she would rather affect her own credit history than pay a penny towards the house...

Another question - and I will speak with my lender this weekend - what are my chances of delaying or altering the mortgage payment until this is settled? Failing going to court to force a sale, I've no confidence in a speedy resolution and I'm exposing myself to losing a fair bit of money if I'm solely responsible for the costs yet she will still be entitled to 50% in the event of any sale.

Goldiegirl

You can ask them..... But it won't give them a good vibe, as it would look as if you can't manage the payment by yourself. Also the transfer wouldn't complete unless the mortgage payments were completely up to date.

Calsa67

My ex finally gave her consent to Halifax to proceed with this, last Saturday, so I'm now playing the waiting game. There was a hard search from Halifax in August when I started my application and nothing since. Surprised there hasn't been another one carried out yet.

My only concern is I'm now in my agree overdraft which I was hoping to avoid until there had been a decision made, but just need to wait and see.

Goldiegirl

Transfers of equity could drag on for months, when I worked there. Best thing to do is contact your advisor and ask how the application is proceesing

Calsa67

Thanks, Goldieghirl.

I spoke with the advisor today and she said that they are doing the 'admin' work at the moment and I should have an offer by the end of next week at the latest. Sounds fairly positive but not taking anything for granted yet.