Removing from property deed as part of buyout process

kkevin86

Hi all,
I am just trying to get some advice around how to proceed with this buyout process.
Long story short, me and my sibling bought a property five years ago and everything was split equally in terms of mortgage payments and any costs that went towards the house. I am with a partner and have now decided to purchase our own home, so want to be be released from the property deed as that also means I am not paying the higher stamp duty banding.

My sibling has already been approved for the remortgage, but the outstanding matter surrounds the restriction on the deed (i.e. the declaration of trust) - and that the mortgage application cannot proceed until I am removed? Has anyone had any experience with this or can offer some advice as to whether we can just ask the lender lawyers to proceed with this? The only other item outstanding is the buyout process, where I am not needing my sibling to buy me out straight away - i'm expecting this to happen years down the line when the property is sold. Do I need to speak to a litigation / family lawyer around this and can that be done after the remortgage? Me and my sibling are very close and we are not bothered about working out the payment, as we know it will happen in due course - we just want to make sure we are following with protocol to make sure the buyout process is done properly, and just want to make sure all of this can be done after the remortgage agreement is locked and done.

Any advice will be much appreciated, and apologies if i was unclear.

Regards,
K

foxy-stoat

Not sure you will be able to do what you suggest unless you gift your share of the property to your sibling, as the lender will still see you having a financial interest in the property.  Your sibling would need to pay you when your removed from the deeds.

SDLT_Geek

For SDLT purposes I expect you need not only to be released from the mortgage but also to part with your share.