Transfer of Equity

Danjo_2

Hi there,

I was after a little advice about some property my parents own.

They have a second house which is in my father’s name. We want to mortgage the property so I can renovate it for them. The Application is being processed in my mothers name because my father is to old, however the solicitor is telling her that she needs to have a 'Transfer of Equity' over to her name in order for the application to go ahead. They are charging £229.13. However I called the Land Registry this morning and they say I can transfer the deeds over to my mother's name for £40.

I want to know if transferring the deeds over to my mothers name is the same as a 'Transfer of Equity'.

Regards
Dan

Ancalime

Hi Danjo
unfortunatly a transfer of equity is not the same as having the name removed from the deeds. Having the name removed from the deeds is also refered to Transfer of Title.

A Transfer of Equity is the removal or adding of a person to the mortgage i.e the agreement you have with the bank. you could remove someone from the Title deeds but not the mortgage and they would still be held responsible for motgage payments.

Hopefully someone with more experience will come along and confirm this for you

Danjo_2

No because its a completely different situation! I just want to transfer the deeds over to my mother, maybe you could tell me what this has to do with a Will Writer? The property will still be owned by my parents but just in my mothers name.

Toughluck

The land registry only get involved when adding and removing names upon and instruction (Transfer form) from a solicitor. A solicitor will need to be appointed and paid. this £200 odd you are talking about is the whole process of everyone involed. the figure you quote seems OK, a smidging high, but a transfer is NOT £40!!!!