transfer of equity - process?

economic

Hi

i own my flat with my brother and want to do a transfer of equity to me fully. i want t know what is the cheapest way to go about it? can i do it online to make it cheaper? my lender is nationwide and its a leasehold property with a share of freehold.

thanks

eddddy

I guess the first thing to check is whether Nationwide will allow you to borrow the amount you need in your sole name.

If the current mortgage is in joint names, they would have taken both incomes into account when assessing affordability. Now they will want to check that just your income by itself meets their affordability criteria.

Richard_Webster

You will need to appoint a solicitor to act for you that is on Nationwide's panel (most are) as Nationwide will want a solicitor to protect their interests.

booksurr

as there is a mortgage involved you cannot DIY, you must use a solicitor as they will be acting for the lender

do both you and brother live in the flat as your only/main residence, if not have you considered capital gains tax?

economic

affordability will not be a problem. yes main residence for both of us.

david1951

Note that the whole process can take longer than you might expect (8-16 weeks) as there is a lot of documentation to go back and forth between you, the solicitor and the mortgage lender. If your brother is in the process of buying another place, for example, this could delay his purchase if he needs to be released from the current mortgage.