Transfer of Equity Help needed

Gemma_Gardner

Hi - my husband and I are looking to take out a mortgage to pay for an extension to our home.


Our home is mortgage - free and my mother and I are joint owners on the title deeds. The mortgage will be in my husbands and my name - I am a full time carer for our son so have no income and my mother is retired.
To take out the mortgage will I need to just add my husband or will I need to also remove my mum? Previously when I was added to the deeds we signed the forms and took them to Land Registry for £40ish instead of consulting a solicitor as no money was changing hands. Can I do this again rather than paying a solicitor?
Apologises for the waffle - had conflicting advice and searching the internet isn't helping.

foxy-stoat

If I was your mother I would take some legal advice....will you be buying your Mother out of the property ?

Hodge58

You need to be careful as you are transferring equity and may've stamp duty to pay as husband is making a technical purchase. easier to simply remove your mum

Gemma_Gardner

No money will be changing hands at this time - was previously sorted - its just the legalities now for mortgage purposes.

Thrugelmir

Does your mother have a financial interest in the property. Is it her home. Legalities are important when it comes to mortgages and other matters.

Gemma_Gardner

Hi - thank you for your response - no she has no financial interest and does not live here. We have lived here for over ten years now, on electoral role etc. I am just looking for advice on how best to proceed for the least cost and hassle to achieve our goal to improve our home to meet the needs of my son