Transfer Subject to Mortgage

Posted on 4 March 2011 by suzanne

I am seperating from my husband, we own a house jointly however I submitted 100% of the equity which he recognises and the house has not increased in value since we purchased 2.5 years ago. I have spoken to my lender who are will to 'port' the existing rate to ownership in my name solely with his consent which he will agree to. The LTV is 60% I am just wondering at what point do I involve a solicitor and is there a stamp duty consequence?


You will need a Solicitor to register the change of ownership with the Land Registry and your Lender will want to know who is acting for you when you submit the application to change names.

If you do not already have a Solicitor acting for you, I recommend that you speak to several firms and find out what service they will provide and how much they will charge before deciding who to use. Recommendations from friends or relatives are a very good way of finding a decent Solicitor.

It is possible there will be Stamp Duty considerations, it depends on the size of your mortgage and your property's value, your Solicitor will be able to advise you how these affect you personally.


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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