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Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am owning a property solely in my name but my ex-partner

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I am owning a property solely in my name but my ex-partner made most of the contribution. Hence we agreed to transfer the property to him and he would pay me off. Can you please advice how we can transfer the mortgage and property to his name? Also how it would be with a tax on this?
He is suggesting that I will add him on my current mortgage and the title of deed. Then he would move the mortgage to a different mortgage provider only in his name and I would transfer my equity. I am not sure how this would work and what are the risks for me? Is this classified as a sale and do I need to pay CGT?
Hi, thank you for your question. I am a qualified solicitor.
In order for you to transfer the property to his name you will need to complete a TR1 form (found on the land registry website). This will detail the terms of the transfer. You will then need to inform your mortgage provider of the transfer and he will need to obtain a mortgage which will be used to settle yours if he is transferring. Or if he wishes to take over your existing mortgage you can inform them of this and they will do an affordability test to see if he can take it on himself solely.
You would not necessarily need to add him to the current mortgage as a joint tenant / tenant in common as he has suggested.
In terms of CGT - this is only payable if it was not your main home. If it was not your main home and the value has increased since purchase then you may be liable for CGT.
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Customer: replied 2 years ago.
Hi I have additional question regarding to this issue. he cannot take over my existing mortgage as is not possible to take my name off with the current provider. Also he wouldn't have a problem to take other mortgage with different provider but he doesn't want to as this requires deposit to raise.
Lets say I add him on my current mortgage so we will have joined mortgage and we decide to move this mortgage to different provider only in his name (this way I would take my name off the mortgage), what are the rules that we can do this, as he will be 'fresh' on the joined mortgage, can we just move the mortgage after 2 weeks of joined mortgage?
Hi, thanks for your additional question. I think you will need to check the terms with your current mortgage provider, but in theory it should be possible to add him to the mortgage. Transferring to a separate, sole mortgage will again be down to the terms of your current mortgage and whether he will be able to afford repayments solely with the new mortgagor.
I would suggest that you contact your mortgage company directly to discuss this.
Hi, please let me know if you have any further questions regarding this. Please rate positive if you found the previous information helpful.