Adding or removing a joint owner
We understand that your personal circumstances can change, which might mean you need to think about transferring ownership of your home, without selling it on the open market. This is also known as a transfer of equity.
When you request this, everyone must agree with the transfer and any conditions attached to the transfer. For example, buying someone out of their interest in the home.
Removing a joint owner
This is when existing shared owners apply to bpha to have the ownership transferred solely to one of the existing shared owners.
The remaining shared owner will be responsible for the lease and the obligations, such as rent and service charge payments.
When we receive the request to transfer the ownership to a sole shared owner, we will contact each party to get their written agreement.
Once the transfer has been approved by bpha, the shared owners will need to instruct solicitors to act for them who will then tell us when the transfer has completed. This is known as a notice of assignment, and it allows us to process the transfer.
Adding a joint owner
Adding another shared owner to your shared ownership lease makes you and the incoming shared owner jointly responsible for the lease and the obligations, such as rent and service charge payments.
The existing shared owner will make the request to us, and we will ask the incoming shared owner to complete an assessment. They will need to fill in an application form, provide us with a full credit report and complete identity checks. Once we are happy that the incoming shared owner is eligible, in line with our shared ownership policy we will authorise the transfer.
Once the transfer has been approved by us, you will need to instruct solicitors to act for you. They will tell us when the transfer has completed. This is known as a notice of assignment, and it allows us to process the transfer.
Things to keep in mind
As part of the transfer of ownership, you may need to remortgage the property. The remortgage process is to make sure that the correct people are responsible for the mortgage and its repayment.
You may also need to apply for further borrowing, if for example you are buying a shared owner out of their interest in the property.
Please read our remortgage and further borrowing pages for more information.
You can find information of what fee’s will apply to your application here: living-in-my-home/legal-administration-fees/204/
Get in touch
For any questions you have about transferring ownership of your home, please contact our Homeownership Team.
Tel: 01234 674070 (9am to 5pm Monday to Friday, exc. Bank holidays)
Email: homeownership@bpha.org.uk
