From single to joint ownership

p00hbear

I would like to know what is the usual turnaround time for adding a name to a existing mortgage. The mortgage will go from a single to joint ownership? I've asked my mortgage company several times for application form and its currently with the underwriters but they have been saying that for the last 2 months!!! Once the form does arrive - they'll charge a £150 admin fee, what can I expect for other fees i.e. solictors etc? Also, it'll be due a remortgage in August - are there implications? I should be in a better position right?

Thanks in advance.

Conrad

2 months is a long time without news.
The issue for a lender is that the property 'belongs' to them. Adding another party means they want to assess the risk the party represents to the asset - for example have they a habit of paying bills late.

Solicitors fees I would estimate at £2 - £300.

Will you be in a better position you ask. WHAT DO YOU MEAN?

virgo149

Admittedly this was a several years ago, but when I moved in with my hubby after selling my place I wanted my name on the mortgage. As he wasn't fixed into anything, we just remortgaged but in joint names. I wasn't bothered about putting my name on the deeds - which I understand is a totally different thing (correct me please if I am wrong). All costs were met by Barclays who we remortgaged with. It took a few weeks, as all mortgages do but I don't remember having to fork out any admin fees etc (mind you we did move companies). Would this be an option to save on funds?

surreysaver

virgo149 wrote: »

Admittedly this was a several years ago, but when I moved in with my hubby after selling my place I wanted my name on the mortgage. As he wasn't fixed into anything, we just remortgaged but in joint names. I wasn't bothered about putting my name on the deeds - which I understand is a totally different thing (correct me please if I am wrong). All costs were met by Barclays who we remortgaged with. It took a few weeks, as all mortgages do but I don't remember having to fork out any admin fees etc (mind you we did move companies). Would this be an option to save on funds?

You became jointly responsible for the debt but didn't jointly own the property? He could have stopped paying the mortgage, kicked you out and the bank could have chased you for the money!

virgo149

Don't you just love people's faith in human nature...........

There was more to the tale but I thought it would bore you all!

Needless to say we sold that property 2 months later, bought another one in joint names and have been happily married for some time now.

The original poster was looking for a 'cheap option' I believe? There isn't one if you want your name on the deeds but there is if you just want your name on the mortgage - and these are both very different things indeed! I'm guessing p00hbear wants the first not the second even though not completely clear?

Thanks for your concern but I like to think I've found one of life's good guys.:T

surreysaver

virgo149 wrote: »

Don't you just love people's faith in human nature...........

I know - no offence meant! There could also be other concerns - if the worst happened and he died, you would probably have lost the house with the mortgage company chasing you if there was no will or an out of date one. No matter how secure or how much faith you have, you should think about worst case senarios.