Before making any changes to the title deeds of a property with an outstanding mortgage you must obtain the lender’s consent. This is because the lender has a financial interest in the property until the mortgage is paid off. The lender may assess the creditworthiness of the person you want to add to the title deeds. They will want to ensure that the new owner can financially contribute to the mortgage and that their addition does not pose a risk to the loan. Adding a person may require the existing mortgage to be refinanced or modified and you may be required to go through the loan application process again.
Furthermore, the process of adding someone to the title deeds will involve legal documentation to be signed and it is highly recommended that you instruct a solicitor to ensure that the process is done correctly. Keep in mind that the process can vary based on the terms of the mortgage and whether the property is freehold or leasehold.
How we can help
We can offer a fixed fee for dealing with the transfer process and ensure that the transaction is dealt with efficiently.