Transfer of Equity - Title change and registration

metal675

Hi,

I am going through a transfer of equity process where the mortgage and title is being changed from Joint to my sole name.

A completion date has been agreed with the lender. My understanding is on this date a new mortgage account will be opened under my sole name and the mortgage will be transferred under my own name. I have been advised that the title will also change on this date but the process of registering with Land Registry can take several months.

1. Can I conclude that the completion date is the date when effectively both the property and mortgage is in my own name? Or Will that happen ONLY after registration process is complete with Land Registry?

2. What does title change mean on the completion date? I do not want to be in a situation where the mortgage is changed to my name and the property is still in joint names.

3. Is title change and registration two different process? If yes, can I consider the former to be a confirmation of change?

Thanks

canaldumidi

metal675 said:

Hi,

I am going through a transfer of equity process where the mortgage and title is being changed from Joint to my sole name.

A completion date has been agreed with the lender. My understanding is on this date a new mortgage account will be opened under my sole name and the mortgage will be transferred under my own name. I have been advised that the title will also change on this date but the process of registering with Land Registry can take several months.

1. Can I conclude that the completion date is the date when effectively both the property and mortgage is in my own name? Or Will that happen ONLY after registration process is complete with Land Registry?

2. What does title change mean on the completion date? I do not want to be in a situation where the mortgage is changed to my name and the property is still in joint names.

3. Is title change and registration two different process? If yes, can I consider the former to be a confirmation of change?

Thanks

1) both happen on Completion date.The fact that administratively there is a delay in updating the LR makes no difference

2) Title (ownership) changes from 2 names to one

3) Effecrively the same though as per above ownership (title) changes on Completion whilst the administrative process torecord this (registration) takes some time due to LR backlogs

user1977

Think about what happened when you originally bought the property - the day you got the keys was the day you became owners of the property, the people you bought from didn't remain owners until the Land Registry process was completed months/years later. Same principle here.

metal675

Thank you both of you. That makes it clear.

Yes as this time there is no buying the property or keys handover, but a Transfer process, I was not sure especially when I was told completion and registration is several months apart. I was not sure which one I should consider as final, as there are some legal process dependent on this transfer being completed.