Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Do you have a Mortgage on the property?
What percentage were you thinking of?
I look forward to hearing from you.
Thanks for responding.
Yes, there is a mortgage on the property. I am looking to sell 20% of the original purchase price (£500k) to my girlfriend and then re-mortgage with both of us as joint borrowers.
Thanks for your response.
If you proceed with the "Sale of 20%" first, you would need to obtain your current Mortgage Lender's consent as your girlfriend would have to be added to the existing Mortgage.
It is therefore best for you to complete the transfer/sale at the same time as you both re-mortgage. You will need ot instruct a Solicitor to prepare a Transfer document, transferring 20% of the property to your Girlfriend, and this can be completed on the same day as your new joint Mortgage. Your Solicitor can then register the Transfer and new Mortgage at the Land Registry all at the same time.
I hope this assists you and answers your question.