severing joint tenancy

[josieann]

I Want to sever joint tenancy with my ex but we still have an endownment mortgage do i have to notify the insurers and the building society also

[Sludge]

You will have to notify both. However, your mortgage lender will insist upon doing all of the work, both yours and theirs, at the Land Registry and Revenue under the heading of "Transfer of Equity". A charge of about �250 is normal, I understand. Some circumstances give rise to Stamp Duty, so be sure to check first to ensure that you are not landed with an unexpected bill. Four or five signatures will be required of your ex.

[bigtinca]

Hi,

The endowment part is different to the mortgage. the endowment company will allow one of you to sign their half over to the other but not take their name off it.

The mortgage company will do a transfer of equity as said before but who ever is keeping the mortgage must be able to prove they can pay the mortgage on their own or they won't allow it.

Best advice i can give you is talk to an independant mortgage adviser. Look in the yellow pages or go into a local estate agent. They all have mortgage advisers but they are not all independant. They will be able to give you good advice as they are regulated to do so by the government and it should not cost you anything for the advice ( they may charge to do the work for you though but it's worth it for peace of mind that it's done properly).

Bigtinca (independant mortgage consultant)