Adding or removing a Shared Owner

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

The information below will give you good idea of how to go about this. You contact our Post Sales Team on 0800 145 6663 or postsales@radian.co.uk if you’d like an application form or anymore information.

Adding an owner

The new owner will need to fit the criteria for the Shared Ownership scheme. This means that your joint household income needs to be below £80,000 and they must not own another property.

We will confirm this by asking them to register with local Help to Buy Agent who administer the Government’s affordable housing schemes.

To assess the application 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 licence
  • Three months bank statements
  • Three months payslips
  • Help to Buy registration number

The above information will enable us to check the eligibility criteria and affordability. Once we have approved the transfer of ownership you can instruct your solicitor and mortgage lender to go ahead. Please note, we will also require certified ID from all applicants before we can proceed with the transaction.

The lease will not be reissued in the new names, but will be legally assigned to the new joint owners by your solicitor. You will be jointly responsible for making sure that the terms within the lease 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 bought the home as Shared Ownership will always need to remain an owner, otherwise the home will need to be sold. Please see our ‘Selling your home’ guide if this applies.

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

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

To assess the application we will need:

  • A completed application form
  • 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.

The lease will not be reissued in your name only, but will be legally assigned to you by your solicitor. You will be solely responsible for making sure that the terms within the lease 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.

What are the costs?

There is a £72 including 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 solicitors experienced in Shared Ownership 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 Advisors for mortgage advice.

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