Transfer Mortgage from Joint to Sole Name

To transfer a joint mortgage to a single borrower, such as your son in this scenario, you typically go through a process known as a "transfer of equity."  

Here's a general outline of how you can go about transferring the title deeds and mortgage from joint to sole name: 

1. Contact the lender - the first step is for to contact the lender who holds the mortgage on the property. You should inform the lender of your intention to transfer the ownership of the property from both you to just your son 
2. Check lender requirements - the lender will likely have specific requirements and procedures for a transfer of equity. You should enquire about the necessary documentation and steps you need to take to initiate the transfer  
3. Provide documentation - you will need to provide various documents to the lender as part of the transfer process. This may include identification documents, proof of income, proof of address, and any other documentation required by the lender  
4. Financial assessment - the lender will assess your son's financial circumstances to ensure that he can afford to take on the mortgage on his own. This may involve a mortgage credit check, affordability assessment, and evaluation of his income and expenses 
5. Legal process - in addition to the lender's requirements, there will also be legal steps involved in transferring the equity in the property. This may include drafting a transfer deed or agreement to legally transfer ownership from both parties to your son 
6. Consult legal professionals - it's a good idea for you and your son to seek legal advice from a solicitor or conveyancer experienced in property law. The solicitor can assist with preparing the necessary legal documents, ensuring compliance with legal requirements, and handling the transfer process on your behalf 
7. Finalise the transfer - once all the documentation and legal requirements are met, the transfer of equity can be finalised. The lender will update their records to reflect your son as the sole borrower on the mortgage, and the legal ownership of the property will be transferred accordingly  

It's important for you both to carefully consider the implications of transferring the equity in the property, including any potential tax or financial consequences. Consulting with legal advisors can help ensure that the process is handled correctly and that your interests are protected throughout the transfer process. 

Transferring the Title and Mortgage from a Joint to Sole Name Summary 

You will have to get your mortgage lender's permission to do this. The lender will normally want a simple application form completed and then will make an assessment of your son's income and expenditure to make sure he can afford the mortgage on his own. 

The lenders normally charge a small fee for considering a "transfer subject to mortgage" and you will also need to instruct solicitors to deal with the legal paperwork.

Contact us today on 0330 433 2927 to learn more about transferring a property title and mortgage from joint names to a sole name.