How do I create a joint ownership of my property?

Posted on 16 February 2013 by John

Is it difficult to create joint ownership of a house/mortgage ? All the information seems to relate to severing joint ownership. What level of cost would be involved ?


The short answer is that creating joint ownership of a property is just the reverse of taking someone off the mortgage. The process is called a "Transfer of Equity", and this can be done with a new joint remortgage application, which will add the new party to the loan and deeds.

In order to protect your existing equity you can set up the ownership of the property under a 'Tenants in Common' arrangement, where each party's share of the property is specifically defined, unlike 'Joint Tenants' case where any equity is a straight 50 / 50 split.

Cost wise, most lenders will offer a free valuation, along with using their own solicitors and covering the cost of the standard remortgage costs, however you will normally have to pay for the actual setting up of the new joint charge, which is typically in the region of £250.

If you'd like to have an initial discussion with one of our consultants to go through your enquiry, then please let me know and I'll arrange a convenient time for one of them to contact you.



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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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