How do I take a name of a mortgage?
Question example: your Son wants to take his sisters name of a joint mortgage. How would I go about this and how much might the average solicitor charge.
The answer to this is the person who wants to stay on the mortgage account must approach the current lender to get consent for the name to be removed. Sometimes a fact find will be carried out by the lender and the proposed remaining applicant will need to supply income documents and bank statements to prove to the lender that they can afford to service the mortgage on their own , meets current lending criteria and affordability under the current regulation if the property is where the person lives .
If this is successful and the mortgage lender agrees the person can be removed from the mortgage account consent to transfer will be issued to the solicitor chosen by the applicant. The consent would contain legal requirements set by the lender as conditions that need to be satisfied by the chosen solicitor to enable the transaction to complete and name to be removed.
Legal fees for this type of transaction are usually in the range of £250 to £350 range plus vat, if the lender required any additional things to be carried out like searches or land registry cost will be added as a disbursement to the quote.
We would be able to provide a fixed fee quotation if you are able to contact us so that we may take full details for your case.
This website is owned by and forms a part of the business conducted by Value Conveyancer Ltd, company registration number 09221971. We are partnered with LPL (a trading name of Read Roper & Read Solicitors) who have been awarded the Law Society's Conveyancing Quality Scheme accreditation. More information can be found here.