Transfer of title question

clairey22

Hi,

I have been approved by my lender for a transfer of title (to remove my ex husband from the mortgage) and have received the offer letter.

My solicitor was saying that this is a "remortgage" is that the case? The offer says "transfer of title". The term/payments etc are staying the same as I am currently in a fixed period that ends in the new year (so no point paying an ERC to get a new mortgage deal yet). The only change is he is coming off the mortgage.

Also my solicitor was saying about searches being done or possibly indemnity insurance if I don't have them. Are these required with a transfer of title? I have asked the lender if they require searches to be done but as yet had no reply.

Just trying to understand the steps to get to my completion date.

Thanks
Clairey

Thrugelmir

The term mortgage actually relates to the legal charge placed on the property to secure the debt. As there's a new mortgage, i.e. different parties. It's technically a remortgage. Even if the existing product gets transferred.