Adding or removing someone from the plan
If someone moves out of your property
If there are two of you named on the plan and you wish to change the Lease of the property to only one of you because the other no longer lives at your property, you must ask for our consent. A fee will be payable by you to us to make this change. Please see our latest Tariff of Charges for details of these costs.
All parties will need to complete and sign an application form for this. We recommend you both take financial advice so you best understand the effects of doing this.
Provided you have remained within the terms and conditions of the plan we may, agree to removing whichever of you is leaving from it. Once we receive your application we will give full consideration to it. We may need to satisfy ourselves that the person remaining on the plan can maintain your property financially on their own.
Once we’ve transferred one of you from the plan, the Documents will remain in force for the remaining customer on the plan.
The remaining customer will be required to sign the new Documents necessary to put this arrangement in place. You will both require separate independent legal representation in the process of transferring your interest from joint names to a sole name. You will be responsible for paying your and our solicitors costs and disbursements as well as any costs resulting from you taking financial advice.
If you have someone living with you who is not a party to your reversion plan, you must tell us if they move out permanently.