Transfer of Equity - Timelines

metal675

Hi,

Does anyone know how long does a Transfer of Equity process take?

I am referring to the process where I want to change both the mortgage and the title of the property from a joint to a sole name.

Anyone have a recent experience?

Thanks

alanyau88

Depends on the lender really.  They will need to assess whether you can still keep up with repayments and you may need a new mortgage with a new survey done etc.  I did it the other way round so took me about 6 weeks.  Once all parties agree, it should be very fast.

K_S

metal675 said:

Hi,

Does anyone know how long does a Transfer of Equity process take?

I am referring to the process where I want to change both the mortgage and the title of the property from a joint to a sole name.

Anyone have a recent experience?

Thanks

@metal675 Will depend on whether you're staying with the same lender or moving to a new one and how quickly the other owner signs and returns the relevant form/s to your solicitor (if I'm not wrong it has to be a wet signature so happens over post).

There's no general timeline I'm afraid. I recently assisted an Accord client with doing a ToE to replace their ex-spouse with their current spouse on the deeds and mortgage and it took about 10 weeks, mostly due to delays in returning the form and a very slow solicitor. The part that the lender Accord needed to sort out was pretty quick.

metal675

Many thanks and for speaking from your experience.

I am looking to stay with the same lender and simply planning to change from a joint to a sole ownership.

The lender advised they can do the paperwork quickly, but the solicitor advised that most of the delay is usually with land registry and they take over a month or two months to turn around. Is that true?

My fixed rate mortgage is ending end of next month.I am looking to do a product transfer with same lender once ToE is complete. I can do that now too but I do not want to lock myself in a deal and realise the lender cannot do a ToE for whatever reason later. So as a safe play I am planning ToE first and then product transfer.

New lender remortgage rates are higher than product transfer.

Is this plan of action advisable?

Thanks

K_S

metal675 said:

The lender advised they can do the paperwork quickly, but the solicitor advised that most of the delay is usually with land registry and they take over a month or two months to turn around. Is that true?

@metal675 That sounds about right. The lender won't complete the ToE until the solicitor confirms to them that the legal work related to the transfer of the mortgaged property has been completed.

metal675 said:

My fixed rate mortgage is ending end of next month.I am looking to do a product transfer with same lender once ToE is complete. I can do that now too but I do not want to lock myself in a deal and realise the lender cannot do a ToE for whatever reason later. So as a safe play I am planning ToE first and then product transfer.

New lender remortgage rates are higher than product transfer.

Is this plan of action advisable?

Thanks

Impossible to say what will work out better for sure as there are risks either way. If you wait to do a PT, the rate offered to you could rise between now and completion of ToE.

To hedge your bets, you could potentially get a remortgage offer from another lender now, so the rate is secured. And then when your ToE is complete, you can compare the PT rate to the remo rate and make a decision on whether to complete on the remo or do the PT.

metal675

That is a great suggestion. Many thanks