Changing title deeds now or later?

L

lollypops

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Hi there,

My bank has made an error re our (my bf and I) mortgage. Initially we requested two names on mortgage and one name (my bf) on title deed of property. We changed our mind a day later and requested our mortgage advisor put both names on title deeds. However on our loan offer only one name has been written to be put on title deeds (my bf). We were hoping to close by the end of April as the builder has offered us a discount of 20k if we do so. I spoke to the bank today who said it will take 24hours to change the loan offer to both names on title deeds and we will then have to sign this loan offer with our solicitor to get the mortgage. This is leaving us very tight on time as my boyfriend is due to go on holiday Thurs until next Wed.

My question is if we were to go ahead with my bf name on title deeds will this have any tax implications for me. I am currently living in a property I bought but am planning to swith my PPR to the house I am buying with my bf and rent out my current property, declare it, pay tax etc.

Also would it make more sense financially to go ahead with the purchase in my bf name and change the tile deeds later to both names. Can this be done and if so does anyone know how much this would cost in solicitors fees?
 
Thats a right mess!

Frankly, I think you are putting yourselves, the bank and the solicitor under way too much pressure to complete - and all for the sake of a discount. Why don't you just tell the builder that it will be a few days later than expected but that you want him to agree to extend the discount?

It is an absolute pain in the butt trying to do this after the event after everyone has been completely stressed out on an already too tight deadline with nobody having that much interest in completing the changeover.

If I was the solicitor, I think I would just refuse to do it unless you were willing to pay a double fee for the whole thing. Even then, I would be insisting that you would have to do an awful lot of the chasing to get the thing done.

And you are on risk as a non owner until your name is on the deeds.

mf
 
Yeah it is a big mess and alot of stress. It was actually my solicitors error too for letting us sign it when she obviously hadn't read it correctly. She knew we were putting both names on the title deed. I'm just relieved I read it myself!! We had initially signed for it last week so have resigned now today, both the bank and the solicitor have been fedexing the documents back and forth so fingers crossed it'll all get sorted in time. I wonder what I am paying 2k for if my solicitor doesn't even read the documents to ensure they are correct................
 
"It was actually my solicitors error too for letting us sign it when she obviously hadn't read it correctly. "

"I'm just relieved I read it myself!!"

I give up.

mf
 
I actually hadn't received my copy when I signed hers, there was a delay with the bank sending mine out hence the reason I read it after. I take it you are a solicitor mf but correct me if I'm wrong - I always presumed a client paid a solicitor for his/her legal expertise and this includes reading any documents the client is signing. Surely a solicitor is not above reading a mortgage document for their clients!!
 
I would imagine that the builder will extend the time to complete and give the discount.

Although I'd normally agree with MF1 in this instance I actually agree with you re the loan documents. I'm a solicitor and always read the documents as I've noticed various problems come up re incorrect addresses etc and your solicitor probably should have seen it and contacted the bank if they definitely knew it was wrong.

I would agree that €20K is too much of a discount to lose and if it was me I would push to get it completed without losing it although I think that the builder will agree.
 
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