Hello, thanks for your question. My name is Tony, I can answer this.
I'm not sure transferring names will help, the issue now (especially after the April rule changes) will be whether you're a safe bet from a credit risk perspective and whether you can afford the mortgage that you propose to take out.
Yes, I see.
So you want to transfer your own london property into his name and apply again.
IN that case, you can do this, but you would need the bank's consent to do this, if your London property is subject to a mortgage.
If you can get their consent, then this is easy to do. The bank will give you a letter confirming this is okay, and you can then fill out Form TR1 and lodge it at the land registry transferring title to the property. The bank may, as a condition of doing this, want his name on the mortgage too (either instead of or, more likely, in addition to your name).
It's unlikely to happen massively quickly, although the only timing limitation is for the bank to do it's thing. Normally, this might take 3 weeks or so, but it is up to the bank concerned.
If you do have a mortgage and the bank doesn't consent, then this is not going to be possible at all.
If the bank is being bought out (the mortgage repaid) then it will not resist at all. It will have no grounds to.
As to tax/financial consequences, that's difficult to say without appreciating the figures etc., but there may be a stamp duty tax payable if you transfer the freehold for a sum of money, but if you do it for no premium, there shouldn't be (so long as it's freehold).
A premium for what, the sale price of the property of stump duty?
Oh I See... sorry, I was saying if you transfer the property for no money, then there should be no stumpy duty payable on it.
Does this answer your question?