joint mortgage

[stephen2504]

my girlfriend wants to take her name off the joint mortgage we have agreed a figure so what is the full process we have to take now

[Golden Shred]

You must now put your proposal to your mortgage lender. If they agree they will do all of the work (yours and theirs) and call it "Transfer of Equity". They are not by any means bound to agree and the most important factor from their point of view will be your ability or otherwise to carry the mortgage alone. As money is changing hands there may be a charge to Stamp Duty Land Tax and to check this phone [phone]. Your lender will charge you, probably around �500.

[ukhelen25]

Your lender will insist on reviewing your current income to ascertain that you can afford the whole mortgage alone - ie; without your girlfriend's income. Stamp Duty won't come into it - you are not moving house and have already paid Stamp Duty once - you do not have to pay this again. You will probably be charged an 'admin fee' by your lender for re-organising the details of your mortgage. There should be no other legal fees involved. If you have any other questions - phone Dave Booth at Williams Broadley Ltd (totally independant financial advisers) on 01904 610503. Valuable advice that will cost you nothing.

[Golden Shred]

Transfer of Equity is in effect a sale and a charge to Stamp Duty Land Tax can arise. Speak to the Stamp Duty office as I have advised, and in any event arrange with them for a Stamp Duty Land Tax Certificate which will be required before the Land Registry can amend the Register. It is quite likely that your lender will insist that your girlfriend appoint her own solicitor, and this must be accepted (their is good legal reason for this). There is an amount of legal work involved which is too long to list but which your lenders solicitor will do. Whilst you can speak to whom you like the only worthwhile conversation you will have in this matter is with your lender.

[ukhelen25]

Whatever the Golden Shredded One wants to say... and I don't know what he's talking about half the time (TIC???- Tennants In Common? - wrong, wrong, wrong...) I give you this safe advice... see a solicitor for peace of mind... x

[Golden Shred]

It is a waste of a substantial amount of money and time to employ a solicitor to commence a matter such as this. Simply put your proposal to your lender and if it is acceptable to them follow your lender's instructions. Nothing else is required at all.