Transfer of Equity

[Tanlee]

Hi All,

I am looking for a bit of advice on the above.

My situation is that my partner was a FTB, and purchased a property with a guarantor. We now wish to add myself, and remove the guarantor.

By which process is the best to do this?
Will there be any stamp duty?
Would I lose my FTB?

As far as I was concerned, the lender would now have a more seure income, to fund monthly payments.

thanks

 

[mf1]

Thats very unclear. No one knows anything about your financial circumstances so its not possible to confirm that whatever you want to do would be better for the lender.

Do you mean that you want to take over from the guarantor and have the guarantor released?

Or do you mean you want to be joined on the mortgage and be a mortgagor and have the guarantor released?

Or do you mean you want to be an owner of a one half share and have joint responsibility for the mortgage and have the guarantor released?

Whatever you want to do, you can only do with the agreement of the lender ( or a new lender if you intend to change mortgage lenders) and only the last option has any tax/ftb issues attached.

mf