Removing someone from joint mortgage due to end soon

MISTRILADI

I have a joint mortgage due to end in Jan. I need to remove the other owners name from the house to ensure no financial claim can be made in the event of death, etc. Should I wait until the mortgage is finished then activate a change of title deed so the house is in my sole name? I have children and want to write my will to ensure that the house is split 50/50 with no complications for them. The other person has no interest in my house whatsoever and will sign all relevant paperwork. Is this all that I need to do, change the title deed or is there something else I should be doing instead? I want to go for the cheapest option which is why I thought it best to wait until my mortgage is finished.
TIA  

[Deleted User]

It seems an unnecessary complication for you to have to apply for a mortgage in your own name, which you may not get and which will come with ERCs if you do, if everyone is happy to wait until Jan.

MISTRILADI

Deleted_User said:

It seems an unnecessary complication for you to have to apply for a mortgage in your own name, which you may not get and which will come with ERCs if you do, if everyone is happy to wait until Jan.

Hi I don’t want to apply for a mortgage - I only have 3 payments left until it’s finished. I’m asking what is the best course of action to take to remove the 2nd person, now or when the mortgage ends in Jan 2021. I only have £1500 left to pay 🙂

MWT

MISTRILADI said:

Hi I don’t want to apply for a mortgage - I only have 3 payments left until it’s finished. I’m asking what is the best course of action to take to remove the 2nd person, now or when the mortgage ends in Jan 2021. I only have £1500 left to pay 🙂

Now isn't an option as you would have to deal with the mortgage related change, which was the point of the previous answer, so you need to wait until January.

I would still suggest that you use a solicitor to properly document the transfer in January and ensure the other party has advice, just to make sure that there is no risk of a claim later that they did not understand what they were doing when they effectively gave away a significant asset...

Thrugelmir

Consult a solicitor once the mortgage is discharged. . 

[Deleted User]

MISTRILADI said:

Deleted_User said:

It seems an unnecessary complication for you to have to apply for a mortgage in your own name, which you may not get and which will come with ERCs if you do, if everyone is happy to wait until Jan.

Hi I don’t want to apply for a mortgage - I only have 3 payments left until it’s finished. I’m asking what is the best course of action to take to remove the 2nd person, now or when the mortgage ends in Jan 2021. I only have £1500 left to pay 🙂

If you're not prepared to apply for a mortgage then you'll have to wait for it to end.