Redemption and adding partner to Title Deeds

Balders33

I've been living with my partner for a few months now and have the requisite capital to redeem her mortgage in full. We've been waiting for her current mortgage to get past the early redemption penalty period (fixed rate etc..) and that time has now come.

Couple of Questions:

Do we need a Solicitor to redeem the mortgage, I'm sure we can do this without one, just get a redemption notice and pay the outstanding amount accordingly on the due date?

Obviously, for security on my part, I need my interest noted on the property. I presume this has to be done through a Solicitor i.e. putting the title deeds in both of our names?

Would it be easier to do both via a Solicitor ?

What are the approx costs for doing this ?

Looking forward to being mortgage free :j

Mrs_Bumble

You don't need a solicitor to redeem the mortgage just ask the lender for a redemption statement and they will detail how the funds can be paid.

If you are not married it is probably better to register the title as tenants in common rather than joint tenants, but it might be worth both of you seeking legal advice on implications the transaction. http://www.communitylegaladvice.org.uk/ has a helpline that may be able to point you in the right direction.

I believe that you can contact your local land registry office and make enquiries of how to change the title.

Balders33

Update - redemption notice received, contacted Land Registry and they were very helpful but I'm not sure if we're adept enough to fill in the forms correctly !

One further question - LR advised me that as I was redeeming the mortgage and merely being added to the title deeds as "tenants in common" then the transaction will not be of any monetary value and therefore the fee would be £50 - is this correct ?

This then leads on to Stamp Duty, something they didn't mention but seems to be in all Solicitors quotes (just looked up online to price because the forms are complicated and they state that Stamp Duty is payable for Transfers of Equity - is this correct ?

How do I go about this and how much is the stamp duty? For info the market price of the house is circa £150k and it's £72k to redeem the mortgage.

Thanks in advance.

jazzyjustlaw

Speak to a Solicitor about a declaration of trust.

Mrs_Bumble

Stamp duty is only payable on a transfer of equity if the gift is higher than the stamp duty threshold, which it doesn't appear to be in your case.

Do you have access to a legal helpline with your buildings or contents insurance? You could pick their brain if you do? Or try community legal advice, http://www.communitylegaladvice.org.uk/

Balders33

Mrs Bumble - tried Community Legaladvice and they advised the following:

[FONT=&quot]This issue would fall into the category of Housing which is an area of law we specialise in. Unfortunately, as we are an advice service paid for by legal aid, we are unable to offer advice on issues relating to your specific query. [/FONT]