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Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7602
Experience:  UK solicitor
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I am applying for a remortgage to another mortgage company

Resolved Question:

I am applying for a remortgage to another mortgage company to ad my son to the mortgage, but have been told that I need to see a solicitor to transfer him over. Can you explain why this needs to be done.

Submitted: 2 years ago.
Category: Family Law
Expert:  Thomas replied 2 years ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
If you have applied for a mortgage in the joint names of you and your son, then all lender’s standard terms require that all applicants for the mortgage are named on the land registry registered title for the property.
If you own the property in your sole name at the moment then the land registry registered title will be in your sole name. So, when you obtain a mortgage in the joint names of you and your son you will have to transfer the registered legal title from your sole name in to the names of both you and your son.
To do this you will have to instruct a solicitor, because the lender needs to ensure that the Charge, which they get in exchange for giving you the mortgage advance, is correctly registered against the title after it has been transferred to both of your names. They do this by getting a solicitor to act for both you and also the lender. This is why you have to instruct a solicitor. It should cost around 3350-400 + VAT,
If you have built up equity in your sole name in the property and you wish to protect this then you need to ask your solicitor about this when you instruct them with a view to executing a declaration of trust which states how the equity in the property is owned (usually in percentage terms).
I hope this clarifies.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
Customer: replied 2 years ago.

Hi Tom

Should I instruct now or wait until the mortgage is offered.

Regards

Dennis

Expert:  Thomas replied 2 years ago.
Hi Dennis,
Sorry for the delay in responding, I would wait until your mortgage offer has been issued and then attend a solicitor.
Your lender may require you to advise them of your solicitor before the offer is issued though, so I would check with them. If they do then I would call round solicitors getting quotes and then pick then one you wish to go with and advise your lender.
Tom
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