Transfer of Equity by Ex. Do I need a solicitor?

The_Wall

My Ex and I are splitting, and she wants to buy me out.

Having seen our current mortgage provider, she wants to do a Transfer of Equity.

As I am not sure where I want to live I intend to initially rent nearer to where I work. So had intended on just taking my half of the house valuation and saving it until I find somewhere I want to buy.

However she has been in touch with a solicitor about arranging the Transfer of Equity, whom asked if I had a solicitor.

Surely her solicitor will draw up the paper work for the Transfer of Equity, which I sign, and then I get the money.

So my question is do I also need a solicitor? And if I do should I get a different one to my Ex, or would it be alright for both of us to use the same solicitor?

Thanks

getmore4less

They are trying to avoid a conflict of interest.

They probably want you to take independant advice.

I guess if the amount they decide is OK with you, then you can just say thanks.

Cannon_Fodder

It might seem unnecessary if everything has been arranged amicably, but I wonder whether an independant eye being cast over the papers might not be a bad idea, for the sake of a couple of hundred quid in fees.

Can't think of an issue that might arise, offhand - but that's often the problem as a layman. Plenty of threads on here start "I didn't realise/check myself, now I am told X is the case..."

The_Wall

getmore4less wrote: »

I guess if the amount they decide is OK with you, then you can just say thanks.

As part of the Transfer, the Ex has to get a valuation anyway. So we have both agreed to go with the valuation figure.

However, and I take you point Cannon Fodder, that is whilst we are both being amicable about it.

Looks like I need to find a solicitor. Oh well that can wait until next week. Really not up to doing that today.

Thrugelmir

Use a solicitor. At times like this your head will be full of emotion. You need a detached view to help represent your interests.