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 tdlawyer Your Own Question
tdlawyer
tdlawyer, Lawyer
Category: Property Law
Satisfied Customers: 1096
Experience:  Lawyer with 9 years experience of advising on property issues.
73598664
Type Your Property Law Question Here...
tdlawyer is online now

Hi, Quick question,. 1) How easy is it to transfer my

Customer Question

Hi,

Quick question,.

1) How easy is it to transfer my properties to my aunty name?. I have 5 properties and would like her to have it. All properties are mortgaged.
2) how much does it usually cost to transfer? and how long does it take?.

I don;t want to transfer the mortgage, only the properties
Submitted: 3 years ago.
Category: Property Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hi thanks for your question. My name is Tony.

tdlawyer :

You would need the consent of the mortgage companies to transfer ownership of the property if they have legal mortgages on them.

tdlawyer :

Then, once you have that consent, it's really easy to do. You would complete Form TR1 and transfer the names at the land registry. The lender would give you the forms to transfer the mortgage over. The lender would probably want a solicitor to act for them to put all this in place though to make sure they're properly secured.

tdlawyer :

It would cost, in legal fees, about £500 plus VAT to do.

tdlawyer :

Does this answer your question? If you would like me to add anything else, just let me know.

JACUSTOMER-qq0kugda- :

Hi

JACUSTOMER-qq0kugda- :

Can I just only transfer the property? Not mortgage?

tdlawyer :

Hi. No, you canon just transfer the properties and not the mortgage.

tdlawyer :

The lender will not allow you to do this.