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Transfer of Equity or sell to my partner?

Posted on 16 December 2012 by T akhter


Hi just need advice from you regarding buying a house if I get a mortgage in my name but keep the house in my partners name or can I transfer the house into my partner name after few weeks? As I dont want to be the main owner can u please give me some information please thanks!

Unfortunately if you take a mortgage in your sole name, then your partner cannot be named on the deeds. If having purchased the property in your sole name, you then wish to add your partner, this could be done in either of two ways.

  1. Transfer of Equity - Where your partner is added to the mortgage and the deeds, and the property is then jointly owned.
  2. Sale of the Property - Your partner buys the property from you.

With a transfer of equity, you will need your lenders permission to add your partner to the mortgage and deed, while for a sale, your partner would need to get a mortgage organised in his sole name.

You don't explain your reason for not wanting to be the main owner? It is possible for the ownership of the property to be joint, but for the actual share of the property to be split more in favour of your partner than yourself. This is known as "Tennants in Common".

If you'd like to discuss your enquiry in more detail, then please let me know, and I'll arrange for one of our consultants to contact you.

Regards,

Simon

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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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