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MARTINT330
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My mother owns her house outright. It’s been valued at

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Hi, my mother owns her house outright. It’s been valued at around 425-450k. We are looking at remortgaging and raising around 50k. Unfortunately she doesn’t have the affordability to pay for the mortgage, so we’re looking at the best and easiest way of adding me to the deeds. Is this something you could help with? I’d also like to add I won’t be living in the property.
JA: Where is she? It matters because laws vary by location.
Customer: Devon, Plymouth
JA: What steps has she taken so far?
Customer: nothing. We’re just researching
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: She’s widowed; im
Customer: replied 15 days ago.
She’s 67 and gets a pension but has no other income. I’m actually moving out the property next week and renting a flat; but have the affordability to do rent and cover a small mortgage with mum. My concern is what happens when she passes on and where that would leave me or vice versa.

Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialise in UK and Irish Law. I am not always online but rest assured if I do not respond immediately I will respond when I return.

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Is there anything else you feel is relevant to your question or anything else you would like to add before we continue?

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Customer: replied 15 days ago.
Hi Martin, many thanks for your response.
I guess if she did add me to the deeds would we have to wait a set amount of time before applying for a remortgage; as I understand when you gift a property in full you have to wait 6 months

Adding someone to the house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to the home. By filing the quitclaim deed, your mother can add you to the title of your home, in effect transferring a share of ownership.

If your mother has an existing mortgage on the home, simply adding you without the mortgage company’s knowledge may violate the mortgage terms and your mother will still remain responsible for the mortgage payments.

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Your mother can transfer ownership of your home through a transfer of equity. This is where a share of equity is transferred to one or multiple people, but the original owner stays on the title deeds.

You’ll need a Conveyancing Solicitor to complete the legal requirements for the transfer of equity. These include Land Registry forms and charges. They'll also be able to advise you on the best options for you during your transfer.

To find a local solicitor within your area, please visit the following website: https://solicitors.lawsociety.org.uk

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Is there anything else I can help with today?

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Customer: replied 14 days ago.
Ok thanks. Sorry I’ve should of added that mum owns the property outright so there is no mortgage remaining. So if mum was to transfer 50% of equity to me so we then wait 6 months before applying for a remortgage? What are the costs involved in a transfer of equity?

Legal fees are usually relatively inexpensive. There is some disparity between different conveyancing solicitor firms, however, with fees typically ranging from £250 to £750 plus VAT.

In some circumstances, the 'transferor' (the person giving a share in the property), and the 'transferee' (the person receiving the share) will need separate legal representation - meaning additional legal fees.

Other costs include: 

Identity (ID) checks Disbursement £9 per party
TT Charges (if applicable) Disbursement £20 - £40
HM Land Registry (HMLR) Disbursement £20 - £455
Search indemnity insurance Disbursement £50 - £150
Leasehold (freeholder consent) Disbursement £0 - £250
Stamp Duty Land Tax (SDLT) Disbursement 0% to 15% of the 'chargeable consideration'

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Thank you for your question on JustAnswer. We are always available to help and please do let me know if you have any other questions I can answer for you.

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Customer: replied 14 days ago.
Ok thanks. One last question. If mum transferred 50% would we have to wait 6 months before remortgaging?

Yes, that is correct. Most lenders will typically allow you to remortgage to a new deal 6 months after your name is ***** ***** the title deeds, so you won't be able to release equity for at least 6 months. If you wait 6 months, you'll have a better selection of remortgage products with variable or fixed rate deals.

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Customer: replied 14 days ago.
Ok amazing thanks

No problem. Thank you for your enquiry today, please do not hesitate to contact us in future if you have further enquiries.

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