How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7620
Experience:  UK solicitor
28732269
Type Your Family Law Question Here...
Thomas is online now

We live in a house registered

Resolved Question:

We live in a house registered to my uncle's name and he's currently dealing with all the legal parts with the house (including mortgage). I'm ready to transfer the property in my name. I'm currently working full time and I don't know what the procedures are. My dad said that I need to show £20,000 as my bank balance and it will probably take about 6 months to transfer the property.

Submitted: 2 years ago.
Category: Family Law
Expert:  Thomas replied 2 years ago.
,
Thanks question.
Has your uncle agreed to sell you the property? If so, much.
Will you purchase with a mortgage?
Kind regards,
Tom
Customer: replied 2 years ago.

He has agreed to transfer the property in my name

Expert:  Thomas replied 2 years ago.
,
Thanks, ***** ***** asking sum of money to be transferred to you or will he do it money?
Kind regards,
Tom
Customer: replied 2 years ago.

He will do it money

Expert:  Thomas replied 2 years ago.
Okay.
Is there a mortgage on the property?
Is so, has your uncle said that he will repay the entire mortgage before transferring it to you?
Kind regards
Tom
Customer: replied 2 years ago.

Yes there is a mortgage on the property and it'll be transferred to my name so that I will be able to continue it.

Expert:  Thomas replied 2 years ago.
Thanks. Drafting your answer now. 5 mins please.
Kind regards,
Tom
Customer: replied 2 years ago.

Answer?

Expert:  Thomas replied 2 years ago.

Thank you question and patience, I’m Tom and I’ll try to help you.
If there is a mortgage on the property then you will not be able to transfer the property in to your name without the consent of the current lender. This means that they would have to be prepared to transfer the mortgage in to your name, which is effectively that they would have to be prepared to give you a mortgage.
This means that you/your uncler would have to approach the lender to see if they are willing to let you do this. It would be effectively be a mortgage application to them in your sole name. If you are successful and they say tha they will issue you a mortgage offer then your uncle can instruct a solicitor and you can instruct a separate solicitor and complete the transaction by completing the mortgage with the lender.
If the lender is not prepared to offer you a mortgage then you will have to check other high street lenders to see if they are prepared to offer you a mortgage, if they are then you can proceed by instructing solicitor. You may consider instructing a mortgage broker to check .
If no lender is prepared to offer you a mortgage and you/your uncle cannot repay the current mortgage then I’m afraid that you would not be able to proceed to have it transferred in to your name.
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
Thomas and other Family Law Specialists are ready to help you