Posted on 14 March 2012 by mdefarge
My ex partner and I own a property as tenants in common and have a joint mortgage on it. I agreed to a 1% share as she has a child and we wished to safeguard the child's interests. Additionally I own a property singly and have a buy to let mortgage on it. We are now amicably seperating and I wish to move into the property which has the buy to let mortgage.
Is it straightforward to transfer our joint mortgage to her name and transfer my 1% share to her? Also can I change my existing buy to let mortgage to a standard mortgage and move into that property?
You will need to employ a solicitor to transfer the title of the property to your ex-partner's sole name and the legal work involved should be fairly straight forward. The situation is complicated by having a mortgage on the property as you will need to seek the lender's consent before the transfer can take place.
When looking at whether to grant consent or not the lender will underwrite the remaining party as if it were a new mortgage application and they will need to be satisfied that the mortgage is affordable. If your ex partner does not have sufficient income to support the loan, your lender will not release you from your mortgage covenants and your solicitor may not be able to proceed with the transfer.
With regards to changing your existing mortgage from a Buy to Let to a Residential loan this again is fairly straight forward. It might be as simple as requesting a transfer from your existing lender or you might remortgage to a completely new lender. In this case your valuation and legal fees may be paid for by the new lender depending on the product chosen.
I have referred your enquiry to our in house solicitors Rollingson's so that they can contact you about the transfer of title and I believe we can help you with regards to your sole mortgage. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you reach the right decision.
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