Transfer to Sole Name

Posted on 22 March 2011 by susie


My friends brother has a joint mortgage and ownership with his dad but now wants to be sole person on mortgage and ownership. Its an ex-council house and his dad wants to move into other accomodation. Can they change the mortgage and ownership to the one person?

Susie,

It is perfectly feasible for your friend's brother to take over the mortgage in his sole name. He will need to apply to his Lender and they will then assess whether or not he can afford to take on the mortgage by himself.

The transfer of ownership will be dealt with by a solicitor and unless he already has one, I suggest that he gets recommendations from friends or relatives and then asks for at least 3 quotations for the costs of dealing with the transfer and change of name on the mortgage before deciding who to instruct.

If their current lender will not agree to the transfer then it might be worth exploring if another one would. In this instance I recommend that he speaks to a local independent mortgage broker and takes their advice.

Peter

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