How much to take husbands name off the mortgage? Idiots Guide please!

[Emma007]

After a recent split with my husband we ahve both agreed to put the house in my name only. What is the cheapest way of doing this and how do I go about it please?

[Sammy Snake]

You need to check with your lender to see if they will allow you to remove his name from the mortgage. If you don;t earn enough, they may not do this.

Also, the charges vary depending on who the mortgage lender is. Best to phone your Bank/Building Society and ask them.

[Emma007]

I am ok to take his name off as I do earn enough. I have been told by my mortgage company that it would cost �150. I don't think this includes taking his name off the land registry though, this is the part I need a price for really

[hectic]

Hi, you will have to completely redo the mortgage in your sole name and prove that you have the means to repay the mortgage. Don't forget to also include the legal fees that it will cost to transfer the property deeds in your name also as this will be the requirement of the bank.

[themas]

The mortgage lender may insist on a solicitor dealing with the Land Registry change, and if you don't know how to do it yourself it is probably best for you to use one - you don't want to find years down the track that it wasn't done correctly.

You can maybe get some advice from Land Registry website or their helpline.

[Golden Shred]

As there is a mortgage your lender, if they agree to your proposal, will insist upon doing all of the work themselves (both yours and theirs) including the Land Registry. There is no other way. They will call it "Transfer of Equity". Your lender is not in the least bit obliged to agree to your proposal. They may require your husband to appoint a seperate solicitor, which must be accepted. Some of these transactions attract a charge to Stamp Duty and to check this you can telephone [phone]. Whether or not in any case arrange with them for a Stamp Duty Land Tax Certificate as the Land Registry can do nothing without it. Your lender will charge between �500 and �850 and your husband must pay his own solicitor, if required, about �250 - �450

[chimpydoodle]

I'm not sure if the last reply to this question is 100% accurate. I am currently being removed off a mortgage which is being transferred to my ex and the lender has not arranged any of it.
All they have done is given us the form and the rest (Land Registry included) has been done via solicitors. Mortgage lenders are not legal professionals and so cannot handle all the work involved.

[Emma007]

Chimpydoodle,
Can you please give me any idea of costs incurred, including Land Registry?

[Golden Shred]

Dear me. It is not possible to write out every little step on here. Usually the lender appoints either his own in house legals or external solicitors to do the job. That is the most usual way, and the reason is to ensure that nobody takes unfair advantage of the lender in the Transfer of Equity. The costs are of the order that I have posted. If you doubt it, why don't you phone your lender and check for your blinking self?