Changing ownership of a property

Posted on 6 June 2011 by Kathryn


Me and my partner want to buy a house for £100k and have a 10% deposit. Only problem is my partner has bad credit history so me and my father (age 54 and his own mortgage has been repaid) have discussed buying the house together (me and my partner pay repayments). How difficult would it be in say 6 years time to remove my fathers name completely and add my partners (will then be my husband)?

Kathryn

So long as there are no more adverse credit records in the next 6 years, your partner's file will be cleared and will no longer be an obstacle to applying for a mortgage.  When considering whether to release your father from his covenants, a lender will want to be sure that any remaining and/or new borrowers have sufficient earnings to afford the mortgage.  If you and your partner do not then it is unlikely your father will be released.

I also think that you need to consider how best to protect both your, your father's and your partner's interests in the property and recommend that you take independent legal advice before proceeding with any purchase.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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