transfer of equity / remortgage help...stressed mum of 3

debbiejones

Hi all, I have only posted couple of times before but so stressed i thought i would come on here and make use of all your knowledge. I have just got my decree absolute 2 months ago. I have a consent order which me and my ex husband have agreed and are happy with. Basically he is to come off the mortgage and the deeds and he is not getting any of the equity. Main reason is i bought the house 11 years ago for £33,000 then 4 years after that we got together and i stupidly married him and put his name on the deeds and mortgage. He then added £34,000 of his debt on to the house. So i now have a £67,000 mortgage. The house is worth 100,000. So we both agreed that any equity left in the house would stay with me because of the debt he put on to the house.

My current mortgage refused to take his name off so i am in the process of remortgaging with the abbey who are happy to take me on. I have had a mortgage offer from them and obviously we need to do a transfer of equity . The conveyancing sols are going to do it whilst re mortgaging and have quoted me £400 to do it. Is this about right, considering we are just taking his name off the deeds and i am remortgaging anyway so his name is coming off the mortgage during this process. The re mortgaging legal fees are being paid for by the abbey but as the transfer of equity is additional work i will have to pay that.

Will they send my ex stuff to sign, to clarify that he is coming off as they are not just going to take my word for it.

Will i just have forms to sign, I am anxious as i don't know the process and how it works. Should i just let them get on with it and stop panicking....

One last question, Will my ex husband need a conveyancing solicitor or not as there is no conflict of interest. We are both wanting the same thing.


Help please b4 i go mad with worry about things i can do nothing about

Thanks, Debbie

arkie

£400 seems alot of money ( my solicitors charge £150 plus VAT for a transfer of equity or £500 all in) You could be better changing solicitors, you will need a new offer, and instead of the free legals get £250 cash back from the lender, as this could save you money
You will have forms to sign, nothing complicated
They will send stuff for your ex to sign again nothing complicated
He should take legal advice and get a solicitor
If you are both ok about things it is straight forward.

jill2002

Debbie,
The solicitor should be charging £195 plus VAT that is the price that LMS (Legal Marketing Services) have agreed with Abbey. Don't pay any more. Query the charge and get your Mortgage Advisor to query it.

The solicitors will send your husband a form to sign, but he will also be advised to take independent legal advice - at his cost. But he doesn't have to get his own solicitor, if he is happy to sign the house over to you.