Posted on 23 February 2011 by zia rahman

I wanted to know that my brother took out the morgage to buy a house for me three years ago so it's in his name. Now I want to change it to my name what do I need to do to exchange names?


A transfer of equity is a relatively simple process and will involve your brother's mortgage Lender and a Solicitor.

He will need to approach his Lender first to gain their consent and this will usually involve completing an application form, a new personal questionnaire for your completion and more than likely the payment of an administration fee. They will then carry out credit checks on you and assess your suitability for taking over the mortgage.

At more or less the same time you will need to instruct your Solicitor to act on your behalf in the transfer, they will normally act on behalf of the Lender too. You and your brother will have to agree on what you deem to be an acceptable consideration for 'buying' the property and your Solicitor may be able to help you with this. Your brother should take separate legal advice to make sure his interests are taken into account.

The alternative to this is that you take a mortgage from a new Lender and use this to repay your brother's mortgage and to raise any additional money needed to buy the property. You would both still need to take legal advice but it would give you the opportunity to better the current mortgage arrangements if possible.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date of your question, they will be able to look at your situation and advise you accordingly.


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.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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