Q&A: Transfer of name?

Ruvita asks:
Hi Olly,
Just wanting to check. Is it possible to just have a Transfer of name instead of going through all the normal checks. Have a friend wanting out of there current mortgage and basically just want someone to take it over. I havn’t done any of the homework yet, but just checking if this is a possibility?

Olly replies:
ruvita: It is not possible to transfer a property into your friends name with it’s mortgage without the consent of the mortgagee. However it’s possible to enter into a private arrangement with your friend where he pays the mortgage and uses the property but you will still remain liable. The mortgagee could call up the mortgage in the event of default or if they regard your arrangement as a disposition ( e.g. sale). This is a dangerous practice and not recommended. Check with a lawyer.

Ruvita asks:
Hi Olly,
Thank you. It would be the other way round, where my friend is wanting out of her property and we are wanting to increase on our current 1. I will be doing all the checks beforehand, but just wanted to see if this was a possibility first to transfer to our name without having to go to the bank as such to get a mortage approval.

Thank you :-)

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