Hi thanks for your question. My name is XXXXX XXXXX I can help you with this.
Can you tell me whether there is a mortgage on the apartment please?
There is - £18,000.
yes, for 18,000
And do you have the lender's consent to transfer the property?
I have done nothing yet. It;s with Barclays/Woolwich. Do I need to? Would they agree??
You would need the lender's consent. At the moment, a debt that you owe (the mortgage) is secured against the property. If you default in making a payment, the lender is entitled to seek possession of the property and sell it to pay off that debt.
Are they likely to agree?
If you transfer the property to somebody else, and the lender would effectively be repossessing somebody else's property to satisfy your debt. You can imagine that that would cause all sorts of problems that the lender. Therefore, their consent is required. This will be a term of the mortgage secured against the property.
In all honesty, probably not. This is because what you are seeking to do is outside of the normal, and with standard processes and procedures in place, most lenders would simply say no.
In theory, it is possible, and I expect much would be down to the reasons you want to do it, and that particular lender's attitude to the risks and complications involved.
OK, so I'd need to pay off the mortgage first I guess?
If you pay off the mortgage, then there should be no problem whatsoever. It is very easy to do at that point.
All you would need to do, is complete form TR1, which I will give you a link to in a moment, and then lodge that at the Land Registry with the appropriate fee.
Ah, ok, so assuming that was done, what is the procedure?
Atwood effectively then transfer title to the property.
That would ...
Let me get you the link.
Here is the actual form: http://www.landregistry.gov.uk/_media/downloads/forms/TR1.pdf
Here are the guidance notes on how to complete it: http://www.landregistry.gov.uk/public/forms/completing-form-tr1
You would also need to complete form AP1, which is a standard application form just referring to the enclosed TR1.
Got all that. Many thanks for your help :)
It's pretty easy to do. Obviously, if stamp duty is payable (because you're selling it) then that would need to be addressed separately.
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Is there anything more I can focus upon to help you with this?
No thats great. Thank you
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