The land registry transfer fee was £50 if I remember correctly. Mortgage transfer fee was £160 but this was added to the mortgage (at same interest rate as the rest of it, we checked!). That's it really!

All this process needed was full co-operation from all parties. If you have that then it is all scarily easy! It was more or less there and then, yes. Of course it was a week or so before we got written confirmation from Halifax of all the changes made, but that's normal really!

That's excellent.. Thank you!! How much did it cost you all in all to do the transfer and the land reg? How long did it take? Was it right there and then? Xxx

No, we didn't need a solicitor. Halifax sorted it all out with the mortgage transfer, once my partner and I had all the usual required credit checks. Then all we had to do beyond that was for all three parties to go for an appointment at the land registry to transfer ownership of the property. Just needed the usual ID to prove who we all were and then fill in the correct forms, which they helped us with.

Hopefully it can all be as smooth for you!

Hi, I really hope you can help me.. I am in the EXACT same boat, Halifax, 2007, 97% mortgage though we now own 5.15%, want to transfer my ex off my mortgage or vice versa, both sides can afford (with my current partner or his mum on with him) and I was really intrigued by what you said about just 3 parties signing and it was done, did you not need a solicitor?? I have been told i need a solicitor involved and all this about getting a enw mortgage deal etc, but the Halifax said I could keep the same mortgage, just transfer names and it would cost £150, do I really need a solicitor etc? your help is GREATLY appreciated if you can please spare 5 minutes xx

Just a quick update...

We arranged an appointment with Halifax, and they got it done there and then. All we had to do was get all 3 parties to sign a document for the transfer, and send it back to them. Done!

Thanks for the advice!

Thanks for this!

Knew we'd have to speak to Halifax ultimately, but just wanted to ask generally, in case it was a complete no-no and going to the bank would be a waste of time, but we certainly will now! If this all goes through as planned, we'll probably try and over pay on the mortgage by at least a bit every month, to try and eat into the NE a bit quicker.

Thanks for the help :)

Assuming no issues with affordability or credit then yes this can be done. You will need to go directly to the Halifax to complete this though and it should just be a matter of a transfer of equity to remove your current mortgage partner and to add another. Hopefully you will not be forced into a new product as for a property in negative equity the rates are quite high to do a remortgage (around 5%) but the fact that you mentioned that it was Halifax was actually crucial because I don't think many other lenders can give you this option on their own rates and no lenders will offer a remortgage on new borrowing with negative equity

I currently co-own a house with a friend, in a 50/50 tenants in common agreement. We bought it in 2007 for £120k, and got a 97% repayment mortgage of £116,400. I am now looking to get out of this arrangement, and rent/buy a new home with my partner. However, our house is now only worth £95k according to a recent EA valuation.

My co-owner originally agreed to buy me out and thus take on the mortgage himself, with the arrangement of me giving him £7k to cover my half of the NE. However he has been to the lender and they have told him that he would need to get the mortgage down to £80k in order for him to take it on himself, so this idea is out of the window as far as he is concerned, as he cannot afford to do this (I presumed when he agreed in principle to buying me out, he was going to do it with financial help from his parents, but it would appear not!)

So, after much deliberation with my partner, we have decided we want to offer to buy him out instead on the same terms, with him giving me the £7k instead to cover his half of the NE). I am 99% sure that based on our earnings, the bank would lend us the necessary amount to more than cover the existing mortgage.

My question is, will the lender (Halifax in case it makes a difference!) simply let the two of us take over the existing mortgage with all it's rates/terms etc.? And if so, how much, if any, will they make us pay off it, because of the current value of the house? Can we just keep it as it is, owing the £109k and continuing with our normal repayments, or will we have to pay off the negative equity, or worse still, will we have to pay off enough to take us down to a 90% mortgate, or even lower?! We can just about afford to get the mortgage down to £95k if we HAVE to (though the money would be gladly spent on house improvements if not!), but we can't really afford to pay off any more than that.

Is this plan for us to buy him out now feasible, or am I just wishful thinking?!

(BTW, the mortgage is on SVR at the moment, so no fees would be incured in paying off a chunk of the mortgage)