Removing name from mortgage

edited 30 November -1 at 1:00AM in Mortgages & Endowments
15 replies 3.2K views
KattermoleKattermole Forumite
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edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi everyone, this is my first post here, nice to meet you all :) Hope I've posted in the right place.

I'm looking for a bit of advice over removing my ex-partner's name from the mortgage/title deeds. We are based in Scotland.

It's been an amicable break-up and he's happy to sign anything that's required and no money will be changing hands but I'm not really sure where to start! Can I just go to our lender (Halifax) and ask them to remove him? I earn enough to get the mortgage in my sole name, I believe.

In addition, do I then have to separately contact a solicitor to change the names on the title deeds? Will this be a costly process?

Thanks for any advice :D
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Replies

  • kingstreetkingstreet Forumite
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    If you want to undertake a transfer of equity, you first approach your mortgage lender and you will be vetted to see if you can afford the mortgage alone.

    If you can, the alteration will be carried out and the matter passed to a solicitor for the alteration of the legal charge and the ownership of the property.

    Approximate total cost £350 to £600 and the leaving party will be advised to seek independent legal advice and will be required to agree to the transfer.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • KattermoleKattermole Forumite
    16 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    kingstreet wrote: »
    If you want to undertake a transfer of equity, you first approach your mortgage lender and you will be vetted to see if you can afford the mortgage alone.

    If you can, the alteration will be carried out and the matter passed to a solicitor for the alteration of the legal charge and the ownership of the property.

    Approximate total cost £350 to £600 and the leaving party will be advised to seek independent legal advice and will be required to agree to the transfer.

    Thanks, that's exactly what I was looking for. I'll call lender tomorrow to arrange an appointment. Thanks again!
  • kingstreetkingstreet Forumite
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    If the existing mortgage is more than £250k, you will face stamp duty too.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • KattermoleKattermole Forumite
    16 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    kingstreet wrote: »
    If the existing mortgage is more than £250k, you will face stamp duty too.

    It's only £100k so thankfully not!
  • brooklyn07brooklyn07 Forumite
    153 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    I am in the process of a transfer of equity with halifax.

    Ex made an appointment and went in - they were satisfied that he could take on the mortgage on his own so printed off some forms to give to me to sign.

    I signed them and he took them back to the bank - i then emailed a copy of my driving license to the person dealing with it at halifax.

    They have instructed a solicitor - we didnt need to get our own - and the mortgage fees are £160 and the solicitors will be £300 each.

    Halifax sent me a letter last week to confirm that its going ahead and that they are now instructing the solicitor.

    Solicitor will send ex a form to sign and he will then send them a cheque with the money he owes me.
    Solicitor then sends me a form to sign.
    Once i send that back they send me the cheque and inform the bank that everything has been done and they can go ahead and take me off.

    Solicitor will then inform the land registry of the change.

    Job done.
  • KattermoleKattermole Forumite
    16 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    brooklyn07 wrote: »
    I am in the process of a transfer of equity with halifax.

    Ex made an appointment and went in - they were satisfied that he could take on the mortgage on his own so printed off some forms to give to me to sign.

    I signed them and he took them back to the bank - i then emailed a copy of my driving license to the person dealing with it at halifax.

    They have instructed a solicitor - we didnt need to get our own - and the mortgage fees are £160 and the solicitors will be £300 each.

    Halifax sent me a letter last week to confirm that its going ahead and that they are now instructing the solicitor.

    Solicitor will send ex a form to sign and he will then send them a cheque with the money he owes me.
    Solicitor then sends me a form to sign.
    Once i send that back they send me the cheque and inform the bank that everything has been done and they can go ahead and take me off.

    Solicitor will then inform the land registry of the change.

    Job done.

    Thanks, that's very helpful.

    I called Halifax today and they are calling me on Tuesday for a phone appointment so hopefully I can get it sorted reasonably quickly. There's no money changing hands so hopefully that will make things go smoothly!
  • nellis10nellis10 Forumite
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    So glad I found this post, I am in a similar position...wanting to take on my halifax mortgage by myself and getting my mum off it...
    What had been thought of as an investment property for both of us, was crippled in the recession and now I am divorced I am living in the property.

    I have an IO mortgage with only 2 years on it...due to my mum's age, so I need the property in my own name so I can start to look at remortgaging the house for a longer term.

    I'll call Halifax tomorrow for an appt so I can start the ball rolling...Good to hear they provide a bog standard solicitor and we just have to sign forms (and pay of course!!)
    Nat
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  • KattermoleKattermole Forumite
    16 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    I've got an appointment on Friday to get this done!

    The lady on the phone mentioned something that made me think though, she said I needed details of any other properties etc. About six months ago, my mum signed over a flat to me to avoid inheritance tax in future. It's mortgage-free, so about £120k of equity in it. Is this likely to pose a problem with my current lenders?
  • davemcholdavemchol Forumite
    44 Posts
    Hi Im involved in a transfer of equity myself just have a quick question regarding LTV. I had the affordability check done over the phone and was accepted on a 90% LTV mortgage, however my actual LTV is 72% as an overpayment was made beforehand and the overpayment reserve was removed. Is this correct or has the mortgage advisor made a mistake?
  • kingstreetkingstreet Forumite
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    nellis10 wrote: »
    So glad I found this post, I am in a similar position...wanting to take on my halifax mortgage by myself and getting my mum off it...
    What had been thought of as an investment property for both of us, was crippled in the recession and now I am divorced I am living in the property.

    I have an IO mortgage with only 2 years on it...due to my mum's age, so I need the property in my own name so I can start to look at remortgaging the house for a longer term.

    I'll call Halifax tomorrow for an appt so I can start the ball rolling...Good to hear they provide a bog standard solicitor and we just have to sign forms (and pay of course!!)
    Do the TofE and remortgage at the same time, not separately.

    You'll eliminate some double charges this way.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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