After buying a home with a partner, is it now time to take one of the names off of title? That may not be as easy as instructing your lawyer to complete and register a transfer of land. Did you know that your mortgage company has the right to refuse to allow you to transfer the land?

When you jointly applied for your mortgage, the mortgage approval was issued on the basis that both of you and your partner would be and remain on title. If you change that now, without the consent of your mortgage company, you may well be in default of the terms of your mortgage.

On many occasions I have acted for clients who have transferred their title without the mortgagee’s consent and are then being forced to transfer their property back into both names. The cost of two transfers are significant. The way to ensure that you aren’t in default of the terms of the mortgage is to obtain the mortgagee’s consent prior to any transfer and to complete any required documentation they request.