removing my name from a mortgage

[rishyrish]

I am currently in a joint mortgage with my mum. I now want my name removed and have nothing to do with it, however my dad wants to take over my part. What is the process for this and can it be done without selling?

[Evorg Enaj]

If you do not wish to sell and start again It can only be done by discussion with and the agreement of your Mortgage Lender. You should speak to your Lender and tell them of your proposal - they will call it "Transfer of Equity". Your lender will guide you through it. There are costs which will amount in total to between �500 and �1000 depending on complexity.

[lady_p_gold]

Who is on the title to the property, are you going to change that too ???

[rishyrish]

yes. I want nothing to do with it anymore. So I have to get my name off the titles too

[buildersmate]

So I'm afraid that involves a solicitor to deal with the Land Register side of it. Its possible to DIY this element if you are willing to follow their Forms.

[lady_p_gold]

Is your dad not on the title also ? This seems a strange arrangement, how did it come about ?? He can still pay the mortgage for you and you remain on the title, but as the previous post said it can be done, but you will be losing all your equity in the property.

[Evorg Enaj]

There is nothing that you can do at all other than with the complete knowledge, agreement and total involvement of your Mortgage Lender. Nothing whatsoever. I stress agreement - your Lender is under no obligation to do anything of the sort that you wish and may refuse. There is no "DIY element" with the Land Registry, if they agree to your proposal all dealings with the Land Registry will be by your Mortgage Lender. Similarly with the Stamp Duty Land Tax Office, your Lender will deal with them - also be aware that sometimes these arrangements incurr a charge to Stamp Duty which you will have to pay.Your Lender will dictate who goes on and comes off the Title, and will also tell you which of you must appoint a separate Solicitor and you will have to accept this. My estimate of �500 - �1000 covers all except Stamp Duty.

[zbzj]

Also note that if you ant off the mortgage the mortgage lender will insist that you no longer live in the property because if you do you would still have some sort of legal rights to the property, but if you plan on moving out tis will not be a problem.