Guidance

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.

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.

This means, for Help to Buy: Equity Loan (2021-2023), they 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.

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 conveyancing solicitor

We’ll need your conveyancing solicitor’s details on the application form.

You can either:

  • find a solicitor on the Law Society’s 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 solicitor 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. Contact us

You’ll need to tell us if you want to:

  • make changes to the homeowners on your equity loan
  • borrow more on your repayment mortgage

We’ll explain the next steps and provide you with an application form.

Phone: 0300 123 4123

Email: customerservices@myhelptobuyloan.co.uk

Post: Help to Buy Customer Service team, PO Box 5262, Lancing, BN99 9HE

Our Customer Service team is available 9.30am to 6pm, Monday to Friday (excluding UK public holidays).

2. Get your paperwork ready

Original homeowner

You’ll need:

  • your contact details and your solicitor’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 solicitor 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 condition 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 intend to borrow more on your repayment mortgage when you change the named homeowners on the equity loan, the funds must be in place before you apply.

For example, if you’re changing from joint to sole ownership, you’ll need to show that you can afford the new repayment mortgage yourself.

See how to remortgage your Help to Buy home and borrow more for more information.

3. Send us your paperwork and application form

You can send everything in the post or by email, using the details above.

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.

4. 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

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 9.30am to 6pm, Monday to Friday (excluding UK public holidays).

We can’t 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

5. Getting a decision

We’ll contact you with a decision by email or post within after receiving all your completed documents. If we need any additional information we will get in touch.

If your application is accepted or declined

If your application is successful, you’ll get an approval letter. This is known as the Sealed Deed.

This will include the results of your eligibility check and the terms and conditions of the equity loan.

Your solicitor will receive the Transfer of Equity paperwork that they must complete and return to us.

If you need to borrow more on your repayment mortgage to increase your share in the property, you’ll need 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 solicitor will work with us to complete the next stages of the process.

  1. Your solicitor will complete the documents in the Transfer of Equity pack and return them.

  2. We will review the information and return your documents to your solicitor along with an Authority to Complete form.

  3. Your solicitor will register the change of ownership with the HM Land Registry.

Published 5 May 2021
Last updated 4 February 2022 + show all updates
  1. Updated to make the separation between Homes England and the equity loan administrator clearer.

  2. Change to administration fee.

  3. First published.