How to change ownership of your Help to Buy home
How you can add, remove or replace one or more homeowners, with a process known as a Transfer of Equity.
Applies to England
Making changes to your equity loan or repayment mortgage
Before you make any changes to your equity loan or mortgage, you need to understand how those changes may affect you. You should think about getting independent financial and legal advice.
You need to keep paying your management fee, and monthly interest if this is due, until you repay your equity loan.
You’ll need to settle any outstanding payments in full, or set up a payment plan by contacting our Customer Service team, before you can change ownership of your Help to Buy home.
This information is only relevant to Help to Buy: Equity Loan. If you used another affordable home ownership scheme to buy your home, please read our information packs.
Add, replace or remove a homeowner
With permission, you can add or remove a homeowner from your equity loan contract. This is called a Transfer of Equity.
Add a homeowner
If you’re adding a new homeowner, they’ll also need to be eligible for the Help to Buy: Equity Loan you have. You can find more information about eligibility in our Homebuyer’s Guides
For Help to Buy: Equity Loan (2021-2023), the new homeowner must:
- be a first-time homebuyer
- not own a home or land now or in the past, in the UK or abroad
- not have had any form of Sharia mortgage
All homeowners must successfully complete an eligibility check before they can be added to the equity loan contract. If the new homeowner does not meet the criteria, their application could be refused.
Remove a homeowner
One of the original homeowners on the equity loan must stay the same until the equity loan is repaid in full.
The homeowners named on the equity loan must be the same as those on the repayment mortgage.
You’ll need a conveyancer to help you with a legal document called a Deed of Release, which removes a homeowner from the equity loan, repayment mortgage and title deeds.
Usually, you’ll only be able to change a homeowner on the equity loan twice during the loan’s lifetime.
Any homeowner that stays on the contract will need to show that they can afford it.
If you’re increasing the length of your repayment mortgage at the same time as changing names, the equity loan term may be changed to match the term of the repayment mortgage.
Replace a homeowner
To replace a homeowner on the equity loan contract, you’ll need to add a homeowner and remove a homeowner in one application.
All homeowners must successfully complete an eligibility check before they can be added to the equity loan contract. If the new homeowner does not meet the criteria, their application could be refused.
Before you apply
Find a conveyancer (or solicitor)
We’ll need your conveyancer’s details on the application form.
You can either:
- find a conveyancer on the Law Society website or the Council of Licensed Conveyancers’ website
- ask your lender if they can instruct their own solicitor to act for both of you
If you intend to borrow more on your repayment mortgage to remove a homeowner and increase your share in your home, let your conveyancer know how much you’ll need to borrow and arrange this with your repayment mortgage lender.
Pay any arrears
If you’re behind with your equity loan payments, you will not be allowed to change the ownership. Your equity loan payments include your monthly management fee, and any interest due.
You will need to repay anything you owe, or contact our Customer Service team on the details below to set up a payment plan with them.
How to apply
Follow these steps if you want to change who owns your home.
1. Get your paperwork ready
Original homeowner
You’ll need:
- your contact details and your conveyancer’s contact details
- permission from your repayment mortgage lender to change ownership - this can be a copy of the letter or email
New homeowner
You’ll need:
- your contact details
- proof of identity - for example, passport, birth certificate, driving licence or HM Forces identity card. Your conveyancer will need to certify these
- proof of address - for example, a bank statement or utility bill within the last 3 months
- a signed and dated letter from your conveyancer confirming you don’t have any interest in or own any other properties
- a signed and dated letter from your conveyancer confirming you agree to follow the terms and conditions of the Help to Buy: Equity Loan. This is known as a Deed of Accession.
Both homeowners
You’ll need to supply proof of income. This includes:
- copies of your last 3 months’ wage slips and most recent P60 tax form if you’re employed
- copies of your SA302 form or 4 years’ accounts if you’re self-employed - this could be a mix if you’re newly self-employed
- details of any additional income - for example, bonuses, commission or pension
- details of household and personal expenditure - for example, car loans or credit card payments
If you’re changing from joint to sole ownership, you’ll need to show that you can afford the new repayment mortgage yourself.
If you intend to borrow more on your repayment mortgage when you change the homeowners, you must have a mortgage offer or funds in place before you apply.
See how to remortgage your Help to Buy home and borrow more for more information.
2. Send us your paperwork and application form
You can download the Transfer of Equity application form here.
You can send everything in the post or by email:
Email: customerservices@myhelptobuyloan.co.uk
Post: Help to Buy Customer Service team, PO Box 5262, Lancing, BN99 9HE
Try to include all your documents in one letter or email, as we may have to delay making a decision if we do not have all the details.
When emailing our Customer Service team, please include your account number, name and a brief summary of your query – for example ‘Transfer of Equity’ – in your email subject line.
3. Pay the administration fee
After you’ve sent your application form, you’ll have to pay a £115 administration fee.
You can pay by:
- online bank transfer
- debit card by calling 0300 123 4123
- cheque (made out to the account name below)
If you pay online, you must tell us using the contact details above when you’ve paid so we can confirm it on your customer file.
Our Customer Service team is available 8am to 8pm, Monday to Friday and 9am to 1pm on Saturday (excluding UK public holidays).
We cannot progress your application until we’ve received this payment.
Payment details
Bank name: Lloyds Bank PLC
Account name: EQGATEWAY RE HE HELP TO BUY ADMIN
Sort code: 30-80-12
Account number: 24501860
Reference: Your customer reference number or first line of your address and postcode
4. Getting a decision
If your application is accepted
We’ll send your conveyancer the Transfer of Equity paperwork that they must complete and return to us. If we need any additional information we’ll get in touch.
We’ll include the results of your eligibility check and the terms and conditions of the equity loan.
If you need to borrow more on your repayment mortgage to increase your share in the property, you’ll need our permission. Read more about remortgaging and borrowing more.
If your application is declined
You’ll receive a letter explaining why your application was declined.
Complete the change of ownership process
Your conveyancer will work with us to complete the next stages of the process.
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Your conveyancer will complete the documents in the Transfer of Equity pack and return them.
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We’ll review the information and return your documents to your conveyancer along with an Authority to Complete form.
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Your conveyancer will register the change of ownership with HM Land Registry.
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Updates to this page
Published 5 May 2021Last updated 4 February 2022 + show all updates
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Updated to make the separation between Homes England and the equity loan administrator clearer.
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Change to administration fee.
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First published.