Change House Ownership Joint to Single

[22601]

Hi all i brought a house with a friend 2 years ago and has now just lost his job so he is willing to let me have full rights to the house when the mortgage term runs out in may as we are on a tracker interest only so cheap as anything at the moment then when its up im gonna remortgage but was wondering what form i need to change the ownership i know its on the land registry site but not sure which form as theres loads.

 

Thanks J

[BiGaD09]

As far as I know the names on the mortgage are changed via the mortgage lender although they do charge for this. If you have your mortgage T&C's handy or an annual statement it's usually written on there (it is on mine anyway).

[22601]

Hi,i wont be doing it till may becuase my tracker deal runs out then.I thought you needed forms from the land registry site also?

 

Thanks

[BiGaD09]

I've been doing a bit of research on this for you and it appears that you can change the mortgage into a single name without any input to the land registry as it will not concern the lender.

 

However it's probably advisable to contact your lender in any case and ask them. If they do require that you change the land registry certificate you need forms TR1 and AP1, and you'll also need to pay a land registry fee based upon the value of the property and the outstanding mortgage amount. Your lender may offer to do this for a fee but it can be done 'DIY' if you prefer.

 

Hope this helps.

[wot2do?]

Speak to your lender about a "Transfer of Equity"