Co-habiting is extremely popular with more and more unmarried coupled buying a home together. However, as we all know relationships don’t always last.
If you are reading this blog it’s probably because you have separated from your ex. From a legal perspective, your main two considerations are surrounding your finances and children.
As a property law firm Attwells Solicitors undertake the legal work required concerning property when a couple separates. This includes buying and selling a property and also transfers of ownership.
A transfer of ownership is adding or removing a person from the title of a property. As a result of removing a person from the title, that person would no longer own a share of the property but would not be responsible for any mortgage repayments. Therefore, your mortgage provider would need to give consent.
Equally the reverse is true. If adding a person to the title they would own a share of the property, (they would own 50% if a declaration of trust was not in place) and they would be responsible for the mortgage repayments.
When might you want to use a transfer of ownership?
Typically, most people require a transfer of ownership because they are separating from their partner. But equally, others may be adding a person to their property title. For example, if they purchased the home alone but are now married.
Additionally, sometimes parents wish to add their adult child or children. But if this is due to end-of-life planning, it’s best to speak to our lawyer, Laura Harrington-Rutterford first. She’ll be able to advise you on the best course of action.
How will removing someone from the mortgage affect my repayment?
Firstly, you will need lenders to consent before you can do anything. If your mortgage provider agrees to remove a person from the title and therefore the mortgage, your lender will need proof that you can afford the mortgage repayments on your own.
Equally, if the property has increased in value, you may have to buy out another person. Typically, this is achieved by remortgaging. Again, you will need to check affordability.
Can you act for me and my ex?
Unfortunately, we cannot act for you both. Instead, we would recommend that your ex-partner obtains independent legal advice. Most solicitors can offer this, but using a property law firm would be best. Your ex would also need to see a solicitor complete an identification form (ID1) and a declaration of solvency.
How long does a transfer of ownership take?
This depends on the mortgage lender, as they will need to assess your eligibility and give consent. As mortgage lenders work independently from us, the process could take a couple of weeks or a few months.
However, if you don’t have a mortgage, the process can be much quicker.
How much does a transfer of ownership cost?
To find out simply use our online calculator by clicking the receive a quote button.