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Transfer of Equity - DIY or solicitor?
Trying_to_be_good
Posts: 1,989 Forumite
I get married on Saturday - hooray!
I own my home (with a mortgage) whilst my husband-to-be rents a property. This situation will continue after we're married as we work at opposite ends of the country.
I am thinking of transferring some (half?) of my property to him but need to understand the implications, process and costs:
Thanks!
I own my home (with a mortgage) whilst my husband-to-be rents a property. This situation will continue after we're married as we work at opposite ends of the country.
I am thinking of transferring some (half?) of my property to him but need to understand the implications, process and costs:
- I know that if we split up, that half would be his
- The mortgage and deeds are in my sole name - can you DIY a Transfer of Equity?
- Is SDLT payable - if so, on what? Half the value of the property? Half the value of the property less the outstanding mortgage?
- Do I just need the permission of the lender, or do I need to remortgage/move to a new product (with Woolwich at the moment on a lifetime tracker)?
Thanks!
Mortgage Free thanks to ill-health retirement
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Comments
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Is SDLT payable - if so, on what? Half the value of the property? Half the value of the property less the outstanding mortgage?
No tax on transfers between spouses.Do I just need the permission of the lender, or do I need to remortgage/move to a new product (with Woolwich at the moment on a lifetime tracker)?
You will have to consult the lender, who will need to agree to a transfer of equity. They will charge you a few hundred pounds for the legals. They will also require an application form to be completed and will credit check. As your joint salaries will be greater than your income alone, I can't see there being a problem, unless your OH has some financial problem lurking.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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Hi
I want to transfer equity and wondered if you knew any competitive solicitors?
i split up with my partner over a year ago and we have failed to sell our apartment. But me and my new partner decided we could take it over. So all we need to do is take my ex partner off the contracts and add my new partner on, no money would be involved as he just wants to walk away.
Does anyone know of any solicitors that offer competitive quotes?0
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