What is involved in getting name changed on deeds and mortgage?

P

Philip Cork

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Thanks all the help and advice so far from this site.

What is involved in taking a name off the deeds and mortgage?

I have got in touch with my bank who sent information pack going from joint to single and have got my ex who signed the forms after agreement was reached with both families.

Do I need to go through the same legal fees and set up as when I purchased the house?
 
I'm not sure if the information pack you received from your lender is an offer/approval in principle or not so just in case....

The easiest way of transferring title from joint to sole name is to clear the existing mortgage and have the title registered in your sole name.

You will need to submit an application to the lender (either directly to the lender or via a broker). They will assess the mortgage amount you are looking for and if you fit the mortgage eligibility criteria, they will approve your mortgage.

Transferring the title into your sole name usually means you have to involve your solicitor. Its similar to taking a new mortgage.

The lender may make it a condition of the offer that the solicitor confirms that there is no third party interest in the property. If you were married they may look for your separation agreement. (This will also show them if you are obliged to pay maintenance etc which will affect your NDI).
 
Thanks PM1234 and Gordanus

No was not married and thought from the information pack that I would be continuing the same existing mortgage and that the transferring of title from joint to single for both deeds and mortgage etc through the bank and my solicitior etc

Does this mean a completely new mortgage?

Confused!!
 
Thanks PaddyW

I am going to give them a call now as I have got my workplace to do my salary cert and payslips etc


Update..

Called them and informed me that once my credit capacity/salary was cleared/approved to pay the mortgage that I would continue on the existing one etc.
 
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Well fingers crossed!!

I dont have much debt and in the middle of clearing my credit card and a small personal loan.
 
Philip Cork said:
Called them and informed me that once my credit capacity/salary was cleared/approved to pay the mortgage that I would continue on the existing one etc.
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Wow! My comment to you was based on what my bank told me....maybe they just don't want me to continue on the old very-good-rate mortgage. They SAID that it was to do with difficulties with the title.
 
Philip Cork said:
Called them and informed me that once my credit capacity/salary was cleared/approved to pay the mortgage that I would continue on the existing one etc.
Click to expand...

Do you mean the existing rate?

Or is your lender going to transfer title and amend the existing mortgage?
 
I am in a very similar situation and I was told by my bank that I would have to get a totally new mortgage at the new much worst rate in order to buy partner out..? Cant let me continue with existing mortgage due to "legal reasons" concerning having 2 names on existing mortgage..? Find it all a bit dodgy meself and will have to ask solicitor about it.
 
npgallag said:
I am in a very similar situation and I was told by my bank that I would have to get a totally new mortgage at the new much worst rate in order to buy partner out..? Cant let me continue with existing mortgage due to "legal reasons" concerning having 2 names on existing mortgage..? Find it all a bit dodgy meself and will have to ask solicitor about it.
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They can do it ( transfer the mortgage into your sole name) if they wish. Which they don't. The alternative to their proposal is that partner remains on mortgage which I imagine is not what they want to do either.

mf
 
Gordanus said:
Wow! My comment to you was based on what my bank told me....maybe they just don't want me to continue on the old very-good-rate mortgage. They SAID that it was to do with difficulties with the title.
Click to expand...

mf1 said:
They can do it ( transfer the mortgage into your sole name) if they wish. Which they don't. The alternative to their proposal is that partner remains on mortgage which I imagine is not what they want to do either.
Click to expand...

Hmm. My suspicion was that they didn't want to continue the tracker and that may well be correct! Thanks, mf.
 
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