I'm abroad and want to buy my friend out of the flat we currently own. How do I do this?
Posted on 27 March 2013 by Brian
I own a flat in London with my friend. We bought it in 2005 when we signed a tenants in common agreement. He now wishes to sell his share to me. I am no longer living in the UK, can you advise the process I need to follow to get his name removed from the mortgage and continue it in my name? I will not be returning to the UK for some months so I would need to carry out the process from overseas. Thanks.
The process is called a 'Transfer of Equity' whereby you apply to your current lender to have your friend removed from the mortgage and property deeds. The lender will need to assess for themselves that you meet their standard criteria to be able to continue the mortgage in your sole name, particularly if you are raisng additional capital to buy your friends share.
You will need to check with the lender whether you can do this while abroad or if they insist on you being back in the UK before allowing the transfer to take place.
In the event that your existing lender won't permit the transfer we can look at alternative lenders, either whilst you're still abroad or after your return.
If you'd like to have a chat about the process and your options, then please let me know and I'll arrange a convenient time for one of our consultants to contact you.
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