• Transfer Of Equity

    By Guest on 20th Feb 2017

    I am in the process of taking my son off the mortgage & deeds and putting my wife on the mortgage and deeds.
    1. Do I require a Declaration of Insolvency ?
    2. Do I require Insolvency Indemnity Insurance ?
    3. Do I require to do local searches ?

  • 1 Answers

    By Guest on 20/02/2017

    Hi,

    Assuming your son is not receiving payment equal to half the market value of the property then yes there will need to be a declaration of solvency and indemnity insurance. As for searches, most lenders accept insurance for remortgages, which is quicker to arrange and cheaper than a full set of searches but some lenders insist on searches so it depends who the new mortgage is with.

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