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Transfer of title
Warminhere
Posts: 1 Newbie
Hi all,
We've recently remortgaged with same lender using just my partners income as I am newly self employed. The current morgage is in both our names as are the deeds. Everything is going through fine but the bank have now said it's a transfer of title application and needs to go through their solicitors. We both still wish to have my name on the deeds but for the applciation to just be in his name. Have tried googling but thought it might be quicker to ask on here if anyone knows whether its possible to keep my name on the deeds. And the timescales and costs likely to be attached to doing this. Thanks.
We've recently remortgaged with same lender using just my partners income as I am newly self employed. The current morgage is in both our names as are the deeds. Everything is going through fine but the bank have now said it's a transfer of title application and needs to go through their solicitors. We both still wish to have my name on the deeds but for the applciation to just be in his name. Have tried googling but thought it might be quicker to ask on here if anyone knows whether its possible to keep my name on the deeds. And the timescales and costs likely to be attached to doing this. Thanks.
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Comments
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It is unlikely you will achieve this as in the event the lender needs to repossess the fact there would be at least one other owner who isn't liable for the mortgage debt would restrict the lender's ability to do so.0
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Warminhere wrote: »We both still wish to have my name on the deeds but for the applciation to just be in his name.
For what purpose or aim?0 -
This probably wont work out the way you want. The lender is trying to cover their back in case they need to repossess. If you own the property (50% or it) yet are not liable for any of the debts you could contest any repossession making it difficult for the lender to recover the full value owed.0
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I don't understand what is going on here.
If this was already a joint mortgage/ownership case why wasn't a simple customer retention product used? Why/How a remortgage?
Any change of term, amount borrowed or repayment method?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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