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  • FIRST POST
    • joeyjames2901
    • By joeyjames2901 3rd May 17, 9:44 AM
    • 3Posts
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    joeyjames2901
    Transfer of Equity - solicitor fees
    • #1
    • 3rd May 17, 9:44 AM
    Transfer of Equity - solicitor fees 3rd May 17 at 9:44 AM
    Hi All,
    Was looking for a bit of help or advice...
    I purchased a house (£200k) in my name only using the help to buy scheme 2 years ago, as my partner was still a student and so the mortgage was also taken out just in my name.
    I am now looking to put my partner on the mortgage (just come to the end of my 2 yr fixed rate), as she is now in full time employment, to reduce the length of the term on the mortgage.
    At the same time, I want to add my partner to the property deeds which is officially a 'transfer of equity for half the value of the property (£100k). Has anyone been through this process before and can advise a reasonable solicitor/conveyancing fee?
    I have had 3 quotes back, all in the region of £600+ (£400 +£80VAT fee + £95 land registry + Indeminity insurance and disbursements (approx £45). I have been advised of whole house moves for about the same cost !!

    I just wanted to know is this reasonable or am I being fleeced - I spent about £1000 on legal fees when I bought the house 2 years ago (help to buy costs more, etc).
    Many thanks, Joe
Page 1
    • kingstreet
    • By kingstreet 3rd May 17, 9:46 AM
    • 32,400 Posts
    • 17,395 Thanks
    kingstreet
    • #2
    • 3rd May 17, 9:46 AM
    • #2
    • 3rd May 17, 9:46 AM
    Was this under HTB Equity Loan on a newbuild?

    If it was, you are not permitted to do a ToE to add a borrower/owner;-

    http://www.myfirsthome.org.uk/iwantto/transfer-of-equity/
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • joeyjames2901
    • By joeyjames2901 3rd May 17, 10:15 AM
    • 3 Posts
    • 0 Thanks
    joeyjames2901
    • #3
    • 3rd May 17, 10:15 AM
    • #3
    • 3rd May 17, 10:15 AM
    Hi kingstreet,

    Thanks for your response, I have had a look at the link you sent:
    "We are unable to add another party onto an existing agreement under our administration or provide advice on alternative options. We recommend you seek independent financial or legal advice to discuss your options."

    I read this as being Help To Buy themselves cannot add someone on to the deeds, and therefore you need to take independent legal advice, which is what I am doing? But struggling with the costs !!!
    • kingstreet
    • By kingstreet 3rd May 17, 10:26 AM
    • 32,400 Posts
    • 17,395 Thanks
    kingstreet
    • #4
    • 3rd May 17, 10:26 AM
    • #4
    • 3rd May 17, 10:26 AM
    I suggest contacting Target for clarification, as I fear your interpretation may be incorrect. Unless of course you've already been in touch with Target as part of your research?

    When you undertake a transfer of equity, the joining applicant is jointing the ownership and whatever is secured on the property - the mortgage and any secured loan. That requires the permission of the security holders.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • joeyjames2901
    • By joeyjames2901 3rd May 17, 10:28 AM
    • 3 Posts
    • 0 Thanks
    joeyjames2901
    • #5
    • 3rd May 17, 10:28 AM
    • #5
    • 3rd May 17, 10:28 AM
    Ok thanks Kingstreet. I will check this. Do you have any advice on my original question regarding appropriate fees for transfer of equity?

    Thanks, Joe
    • Rheys99
    • By Rheys99 5th Dec 17, 11:23 AM
    • 17 Posts
    • 1 Thanks
    Rheys99
    • #6
    • 5th Dec 17, 11:23 AM
    • #6
    • 5th Dec 17, 11:23 AM
    Hi...
    I am in the same position.. did you have any luck at all?
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