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Conveyancing forum
 How To Transfer Property From One Name To Another |
 2.5.2009, 23:06
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#1
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User  Group: User Posts: 20 Joined: 2.5.2009 Member No.: 276  |
Hi, was wondering if someone could help me here with some advice or information. Someone i know recently split up with their partner and the partner moved out. They own their property together, but the ex no longer wants anything to do with the house or mortgage and wants their name to be taken from the official property documents. Am I right in thinking that it's something to do with conveyancing? Is this procedure long and expensive? Thank you all in advance!
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17.5.2009, 0:50
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#2
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 Senior Group: User Posts: 53 Joined: 4.3.2009 Member No.: 45 |
Conveyancing lawyers would be able to deal with this type of transaction. If agreement between parties as to the amount of share has been reached and the mortgage lender is happy to proceed, then procedure does not have to be long. But of course, things are not always straightforward and it's best to seek legal advice that would be tailored to one's individual circumstances.
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17.5.2009, 21:08
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#3
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 Senior Group: Administrator Posts: 115 Joined: 3.3.2009 Member No.: 36 |
This type of transaction is called Transfer of Equity. If there is a mortgage on the property, then lender has to agree for your friend's ex to come off the mortgage. The lender will only agree to this if they are absolutely sure in your friends financial ability to maintain mortgage payments on his/her own. Perhaps, your friend should look into remortgage option too, especially if s/he is not happy with their existing interest rate, etc. This way the existing mortgage which is in joint names will be paid off, new mortgage in sole name will be applied for and in the meantime, s/he may benefit from better interest rate. Remortgage could also be an option if your friend needs to pay a lump sum to his/her ex in respect of their interest in the property.
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18.5.2009, 23:37
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#4
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User Group: User Posts: 20 Joined: 2.5.2009 Member No.: 276 |
Thank you very much for your advice so far. And what if my friends decides to move in with someone else? Will the process be very similar?
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19.5.2009, 23:18
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#5
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Senior Group: Administrator Posts: 115 Joined: 3.3.2009 Member No.: 36 |
Yes, in a sense that your friend will need to instruct a conveyancer to deal with this matter. If there's a mortgage, lender will need to be asked nicely too!
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4.6.2009, 20:55
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#6
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Senior Group: User Posts: 36 Joined: 11.2.2009 Member No.: 8 |
Would it not be easier to simply move in and not bother with officially adding the other party's name on? What are the advantages? All I could see is extra expense in paying your solicitors, lenders, etc...
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