Natwest Transfer of title and Transfer of Equity

tink1980

Hello,

I just wanted to get some advice on the below situation, im not really sure of what order to do it in or if im missing anything.

Me and my partner completed on a BTL flat Dec 2015. The natwest mortage advisor advised us that it would be faster and easier to only put my partner on the mortgage as at the time I was freelancing and being paid through an Umbrella company. He said from past experience this would just confuse the underwriters.

He advised that we could do a transfer of title very easily as soon as we completed, at a cost of £150. It would just be a simple credit check.

The plan is to add me and allocate me the majority of the earnings from this flat. I am currently on mat leave and so it would come under my tax allowance.

So in order to do this I understand we have to get our solicitors to do a Transfer of Equity? Do we do Transfer of Title before or can we do both at same time?

Am i missing anything? any other hidden costs or barriers that you've come across?

many thanks
T

kingstreet

You approach the lender to have the mortgage altered, then when they have done that, they pass the matter to the solicitor to have the ownership amended.

You need to be "mortgageable" like any other new borrower.

Total cost £450 - £600. Possible SDLT if the mortgage is more than £250k.

Transfer of equity and transfer of title are the same thing.

amnblog

It's OK KS.

I'm sure Nat West will pick up the SDLT Bill.

amnblog

BTW KS.

If the TOE is after Apr 1st is the extra 3% SDLT payable?

kingstreet

Good point.

In which case, after 1/4/16 there will be no nil rate band and it will be 3% more as it's a BTL.