Adding partner to house deed and paying off the mortgage

Stan29101

Hi there

My partner moved in over a year ago
while his previous house was bought out by his ex. He has now received payment for the house and can afford to pay off the rest of my mortgage so we own this house together fully and 50/50. Does anyone know how we go about this? Can he simply ring my mortgage bank and pay the money? Can I add him to the deed myself or do we need a solicitor? 

Many thanks

canaldumidi

Stan29101 said:

... his precious house was bought out by his ex. He has now received payment for the house and can afford to pay off the rest of my mortgage

Hope he got a good price ......

canaldumidi

You, not he, need to contact your mortage lender and ask for a 'redemption statement' for a specific date eg 2 weeks in the future. They will then calculate exactly how much will be owed on that date including interest till then + any redemption charges.

Note that if you are on a special deal (eg a fixed rate or discounted mortgage rate) there may be an 'early redemption penalty' - but they will tell you this if you are not sure.

Get the lender's relevant bank details/reference and he can then transfer the appropriate amount to the lender.

They will then close the mortgage account, confirm to you the mortgage is paid off, and remove the Charge from your property Title at the Land Registry. This latter might take some time as the LR has delays.

Once all that is done, it is straightforward to transfer the Title from your sole name into joint names using forms

AP1, TR1 & ID1

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

It is much harder to do while the mortgage Charge is still registered with the Land Registry.

There may be SDLT to pay for the amount he is paying you.

https://www.gov.uk/guidance/stamp-duty-land-tax-online-and-paper-returns

Stan29101

canaldumidi said:

Stan29101 said:

... his precious house was bought out by his ex. He has now received payment for the house and can afford to pay off the rest of my mortgage

Hope he got a good price ......

Whoops I meant previous not precious!

Stan29101

canaldumidi said:

You, not he, need to contact your mortage lender and ask for a 'redemption statement' for a specific date eg 2 weeks in the future. They will then calculate exactly how much will be owed on that date including interest till then + any redemption charges.

Note that if you are on a special deal (eg a fixed rate or discounted mortgage rate) there may be an 'early redemption penalty' - but they will tell you this if you are not sure.

Get the lender's relevant bank details/reference and he can then transfer the appropriate amount to the lender.

They will then close the mortgage account, confirm to you the mortgage is paid off, and remove the Charge from your property Title at the Land Registry. This latter might take some time as the LR has delays.

Once all that is done, it is straightforward to transfer the Title from your sole name into joint names using forms

AP1, TR1 & ID1

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

It is much harder to do while the mortgage Charge is still registered with the Land Registry.

There may be SDLT to pay for the amount he is paying you.

https://www.gov.uk/guidance/stamp-duty-land-tax-online-and-paper-returns

Thank you! Great advice!

SuseOrm

So somebody with a track record of broken relationships will be owning 50% of your current property is that correct at the price that you paid for it previously…. Can I be the 1st to suggest this is incredibly bad idea

SuseOrm

What do you need to do is go and get the property valued by three Estate Agent so that you’ve got a very clear idea as to what today’s value of the property is and then he can look at purchasing a percentage of it with whatever money he’s bringing to the table this is highly unlikely to be 50%. 

Please protect yourself nobody ever goes into a relationship expecting it to go pear-shaped and actually second marriages relationships have a higher rate of failure them first and they’re hardly shining example

Stan29101

SuseOrm said:

So somebody with a track record of broken relationships will be owning 50% of your current property is that correct at the price that you paid for it previously…. Can I be the 1st to suggest this is incredibly bad idea

I understand that - but if his (one, long term) relationship hadn’t ended then I don’t think he would be my partner now….

Stan29101

SuseOrm said:

What do you need to do is go and get the property valued by three Estate Agent so that you’ve got a very clear idea as to what today’s value of the property is and then he can look at purchasing a percentage of it with whatever money he’s bringing to the table this is highly unlikely to be 50%. 

Please protect yourself nobody ever goes into a relationship expecting it to go pear-shaped and actually second marriages relationships have a higher rate of failure them first and they’re hardly shining example

Thank you for your advice - believe me I would not take any risk and I do understand that it’s daft not to protect myself and my finances (it’s the reason I havent made the mistake previously). However, he can afford to pay off the remainder of the mortgage which is about 50%. We had 3 valuations a few months ago as we were thinking of moving. I think it may be best we ask a solicitor but I’m not sure how expensive that would be…may be worth it though. 

SuseOrm

Legal advice to be about £150 an hour if you just get the initial consultation honestly I’ll be the best money I’ve ever spent just in case and of course I understand that nobody wants to think about these things my ex-husband was extremely amicable with his first wife and basically gave her everything they had no children,  he took me to the cleaners out of some sort of determination that it wouldn’t happen to him twice even though it was entirely his decision to concede the first time and we had 3 children.  People are strange

newsgroupmonkey_

SuseOrm said:

What do you need to do is go and get the property valued by three Estate Agent so that you’ve got a very clear idea as to what today’s value of the property is and then he can look at purchasing a percentage of it with whatever money he’s bringing to the table this is highly unlikely to be 50%. 

Please protect yourself nobody ever goes into a relationship expecting it to go pear-shaped and actually second marriages relationships have a higher rate of failure them first and they’re hardly shining example

No, no they don’t

https://www.relate.org.uk/sites/default/files/separation-divorce-factsheet-jan2014.pdf