You might need to apply for a transfer of equity because:
- You've got married or moved in with a partner and want to transfer a sole mortgage into joint names.
- You've separated from your spouse or partner and want to transfer a joint mortgage into one of your sole names.
What we'll do
Once we receive your request for a transfer of equity we'll:
- Send you an application pack which will include a form for you to complete and return to us.
- Assess your application. This will involve an affordability and credit check to make sure anyone remaining on the mortgage, and/or being added to the mortgage can afford the payments.
- Check that our lending criteria can be met.
If we approve your application we'll send details, including a mortgage offer, to your solicitor.
If we can’t approve your application we'll let you know. There may be options available to you, such as making a lump sum payment to reduce your mortgage balance.
What your solicitor will do
You’ll need a solicitor to complete the legal work that’s involved and they'll need to be on our panel open_in_new.
If they're not on our panel, we can provide details for them to apply.
Your solicitor will:
- Check your property deeds from the Land Registry in preparation for the transfer.
- Prepare the transfer deed documents.
- Arrange for you to sign your transfer deed in the presence of a witness.
- Notify us as your lender so we can update your mortgage.
- Register the deed transfer at the Land Registry.
Costs
We'll charge a 'change of parties' fee for adding or removing someone (a ‘party’) from the mortgage. You can check how much this is in our Tariff of mortgage charges leaflet open_in_new.
Your solicitor will also charge you for the legal work they carry out and they'll be able to provide you with a quote for this. Their costs can vary depending on the circumstances and the value of the property.
Timescales
If both parties are agreed and can sign the document promptly, a transfer of equity can go through smoothly.
If things are a little more complicated, the process can take longer. For example, if you're separating from a spouse who doesn’t give consent to the transfer, or there are legal disputes around ownership of the property, this can hold up the process.
Once we've approved your application, it’s over to your solicitor to complete the legal work. This can take around 4-6 weeks in the simplest of cases. Again more complex situations can take much longer to resolve.
When your solicitor lets us know the legal work is complete, we'll update the mortgage.
Apply for a transfer of equity
All you need to do is give us a call.
0345 241 3785 8:30am to 6:00pm Monday to Friday
8:30am to 12:30pm on Saturday
Alternatively, you can send us a message online or write to:
Mortgages team
West Brom Building Society
2 Providence Place
West Bromwich
B70 8AF
Common questions
If we've agreed you can be removed from a mortgage, we'll let you know what we can. We won’t be able to give you any personal information about anyone remaining on the mortgage.
When the solicitor contacts the Land Registry to let them know the transfer is complete, they're given a Unique Reference Number (URN). This is confirmation that the Land Registry will be updating their records. Once we have the URN we'll update the mortgage account and anyone being removed will no longer be liable (subject to the Land Registry updating their records).
If making the payment is a condition of the transfer, the solicitor will ensure this happens before they let us know the transfer is complete.
You'll need to contact the Land Registry directly by visiting gov.uk/guidance/contact-hm-land-registry open_in_new.