Transfer of equity

[miguelbex]

In 2004 I purchased with my mother her house under the right to buy act. Afterwards we transfered part of the property into my wifes name and built a house for myself and my wife to live in. The original interest only mortgage for the old property (which my Mother still lives) is now due for to be repaid. Because of my Mothers age and as I have returned to education we no longer have sufficient income to qualify for any remortgage product, so my Father-in-law has stepped in and qualified for a dependance remortgage with my mother which has now been approved but we need to have my Father-in-law's name added to the Land Registry title as part of the proccess of the remortgage. Can I in this instance just fill out the TR1 form myself and sign it along with my Mother and give it to the lenders solicitors (who are providing free legals for the remortgage, but not the transfer of equity) to save me £300 of solicitors fees? or would it be more complicated as it is a remortgage?

[loonytunes]

I really do not understand what you are saying but, simply, it is not just a remortgage. If someone else is joining in, they beocme a part owner of the propery so that they can agree to a charge on the property. So there will be a change to the title. If you are suggesting you sign the documents instead of the correct person, don't - it is illegal and will create far more problems and expense for you that you may want to save.

[factor-fiction]

I think loonytunes is right. I think there's potential for problems in the future if Father in Law can't keep up the payments. (Also I'm not sure how you intended to repay the 5-year mortgage you originally took out.)

[miguelbex]

I dont think you understand my question. I know its not simply a remortgage, essentially my Father-in-law becomes the guarantor on the new dependance mortgage (thats what the lender calls it). The lender will pay off the origional loan and mums pension will continue to pay the new one, anyhow, I didnt think it was illegal to complete the land registry forms yourself without the aid of a solicitor? All i was really asking was that, if my Father-in-law needs to be on the title, is the TR1 form on hte Land Registry website all that needs to be completed and submitted for the new lender to be satisfied? As the form looks pretty simple I thought I'd save myself a few pounds.

[whitelady]

I hope you don't row in your family because you could loose a lot if you start putting your wife and your home into too many names, be careful, would be worth paying a solicitor!!