Removing Name From House Deeds UK
Are you looking to remove someone from the deeds for your home? Perhaps you need to remove an ex-partner or ex-spouse from the deeds as part of a divorce settlement or due to separation. Or you may wish to remove the name of a parent who joined in with your original purchase to help you onto the property ladder.
This change in legal ownership is called a ‘transfer of equity’ and it is usually a relatively straight-forward process.
If you have a mortgage on the property, you will need to get the mortgage provider’s permission for the transfer. They will want to check that the person remaining on the deeds can afford to pay the mortgage. This may require a new mortgage application and will involve assessing the remaining party with regards to affordability and credit scoring. They may charge you an administration fee and may also require a new valuation to be carried out on the property.
If the property is leasehold, you may also need permission from your landlord to change the names on the deeds, although this is often only a formality. As your conveyancing Solicitor we will also need to serve notice on the Landlord after the transfer. We will ask them to note the changes on their records, for which they may require payment of a nominal administrative fee.
Stamp Duty may also be payable in certain circumstances, depending on whether any money changes hands for the transfer and whether there is an existing mortgage on the property, although exceptions are made for transfers required under divorce proceedings. See our article Stamp Duty on Transfers of Equity for more information on how this may affect you.
Talk to Tollers
It is important to note that we cannot extend our legal advice to both parties; we will act for you, and deal with any instructions given by your mortgage lender, but we cannot also act for the party whose name is coming off the deeds. We would always recommended that they take independent legal advice although in most cases, they won’t be obliged to do so.
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