End of term and changes to deeds

muzer

Hi all. I am coming to the end of a 5 year fixed-rate mortgage and am looking to remortgage in the next couple of months (the fixed rate ends at the end of July but I then have a home- owner loan where the fixed rate ends in September). I am then looking to change the mortgage to a joint mortgage with my partner. We will also need to change the deeds of the house at that time as at present I am the only peson named on the deeds (I was with my partner at the time we bought the house but for financial reasons I got the mortgage in my name). What I would like to know is :

1. How much, roughly, would it cost to change the deeds with a solicitor?

2. We are expecting our first baby in September and because of this we'll probably be looking at a low rate. short term fixed-rate. Does anyone have any advice on the best out there?

3. Because we will have a joint mortgage is it a legal requirement that we have life assurance connected to the mortgage (I mean do we need to both be covered to pay off the mortgage should one of us do the unfortunate thing and peg out!)

4. At the moment we both have wills basically saying that should one of us go before the other, then the other will get everything (what there is to get). Is there any reason to change that once the baby comes along?

herbiesjp

1. Some lender will offer free legals, but this will not cover work like changing deeds - you will have to pay them extra - it could be as highas £150 but shop around and see what you can find

2.The best fixed rate is difficult to say as we do not know your circumstances, and whenerth you are looking for rates that pay the fees for you, or whether you are happy with the lowest rate irrespective of fees

3. There is no legal requirement however I think in your situation it would be benficial especially with the new arrival on the way

4. There may be reasons to review your wills, such as for inheritance tax planning, but again this will depend on your circumstances as to whether this is either relevant or a concern to you


Good luck for September - you'll love it.