Removal of my name from the deeds of a joint mortgage account.

[cbs1959]

I left the property in question 11 years ago and in all that time, with the agreement of my sister, I did not have to make any payments to the mortgage or the up keep of the property. My sister whom I have the joint mortgage account with wants to take out a secured loan against the property but the load company need my signature as my name is still on the deeds. Both my sister and I have decided that the best think to do is to remove my name from the deeds and mortgage account as morally I have no claim to the property. Can you please advise us how we go about to achieve the above.

[Sludge]

Your mortgage provider will insist upon doing all of the necessary work (both yours and their own and they will also deal with both the Land Registry and the Revenue) which they will call "Transfer of Equity", so simply write to them setting out what is proposed. From other contributions on this subject in Answerbank it seems that a charge of about �250 is made. Depending on the exact circumstances there may or may not be stamp duty to pay on half the outstanding value of the mortgage, so don't overlook checking on this

[Didwot]

Something else your sister could think of doing is to extend the amount of the present mortgage, or to refinance with another lender, so as to raise an additional sum to provide the amount that was going to be taken against the secured second charge.
Etither should provide a better rate of interest than she might be getting on the secured loan, and refinancing might enable her to get a better rate than under the present mortgage. Naturally the transfer of the property into her sole name could be dealt with at the same time.