Transfer of Equity - DIY?

succuba5

Hi

I'd like to transfer 50% of the equity of my house to my boyfriend.

Is it possible to do it yourself? I've heard of people doing DIY Conveyancing. I don't have the faintest idea on where to get the forms etc. or what steps to follow. Can anyone give me any guidance or point me in the right direction?

Many thanks

Richard_Webster

As you mention "equity" I assume there is a mortgage.

If that is the case the mortgage lender will need to be consulted and consent to the transfer. It will want a solicitor to protect its interests so you are unlike to save very much if anything by doing it yourself.

cabbage

Have you thought what would happen if you split up after doing so?

succuba5

Thanks yes I have called the mortgage company today and they said there's an application we would need to fill out with them with proof of income etc akin to a mortgage application.

I've had a quote of around £400 (incl. VAT & disbursements) but I was hoping to do it as a gift for him - and hopefully not spend as much!

p.s. it's a gift he really wants! Not trying to saddle him with a mortgage!

succuba5

cabbage wrote: »

Have you thought what would happen if you split up after doing so?

Just to avoid confusion, my previous post was in response to Richard, Cabbage you must have written yours as I was writing mine!

No plans to split up - quite the opposite! We've been together a long time and he's been living in the house since we bought it a couple of years ago. He just didn't have a permanent job at the time (although he was earning more than enough to cover his half) so we decided to put it in my name.