Adding or removing an owner

If you wish to make any changes to who owns your home, Radian will need to agree to this.

To apply, simply give our Post Sales Team a call on 0800 145 6663 or email postsales@radian.co.uk and we’ll provide you with an application form.

Adding an owner

The new owner will need to fit the criteria for your loan scheme. We will confirm this by asking them to register with your local Help to Buy Agent who administer the government’s affordable housing schemes.

To apply, we will need:

• An application form signed by both the current and new owner
• A redemption statement for the current mortgage
• The new mortgage offer/Decision in Principle

As well as the following from the proposed new owner:

• A certified copy of passport or driving license
• Three months bank statements
• Three months payslips
• Help to Buy registration number

We’ll then check their eligibility criteria and affordability. Once we have approved the transfer, you can instruct your solicitor and mortgage lender to go ahead. We will work with them to get the Land Registry updated.

The loan deed will not be reissued in the new names, but the new owner will be equally responsible for making sure the agreements within it are upheld.

Removing an owner

The person being removed needs to give their consent in writing, unless you have a court order stating that the home must be transferred to you. One of the parties who originally took out the Equity Loan will always need to remain an owner.

If you need to buy out a partner and will be doing this by borrowing more on your mortgage, take a look at the information on Changing Your Mortgage.

Radian will check that taking on the mortgage and Equity Loan on your own is affordable.

As well as a completed application form, we will need:

• A signed letter from the person being removed consenting to the transfer
• A redemption statement for the current mortgage
• The new mortgage offer/Decision in Principle/approval to transfer

If you do not have a mortgage, please also send:

• Three months bank statements
• Three months payslips

Once we have approved the transfer you can instruct your solicitor and mortgage lender to go ahead. We will work with them to get the Land Registry updated.

The loan deed will not be reissued in your sole name, but once the property has been transferred, you will be solely responsible for making sure the agreements within it are upheld.

What if a court has ordered that the property is transferred to me?

In this case, Radian will comply with the terms without an application process. Please send us a copy of the Court Order and let us know which solicitors are acting on your behalf to register this with the Land Registry.

What are the costs?

There is a £72 inc. VAT fee for Radian to approve the transfer and complete our part of the legal paperwork. This is payable on application.

A solicitor will need to complete the work to change the legal ownership of the property. We have a panel of recommended solicitors experienced in affordable home ownership schemes who can give you a quote on the legal costs.

Your mortgage lender may charge a fee to make the changes to your mortgage. Check with them directly or speak to one of our tried and tested Independent Financial Advisers for mortgage advice.

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