Transfer of Equity - help please!

DustandRocks · 8 October 2011 at 10:29AM

Hi

I'm currently in a joint mortgage with my ex and we have mutually agreed that he buys me out of the mortgage and agreed on a buy out figure. I've phoned a few solicitors for quotes for me to transfer the equity to him but have been told he needs to do the same. Is this right that we both have to pay out for the the transfer of equity? Seems excessive! Any help, advice would be appreicated. Thanks in advance.

tipsymcstagger · 8 October 2011 at 10:50AM

I believe that it's him who needs to do the transfer of equity and pay for it and you sign it. I'm in process of doing it now.

holly_hobby · 8 October 2011 at 11:41AM

There will be one transfer of equity fee re Solicitor wise (paid by whomever instructs) & possibly a mortgage admin fee by the lender themselves.

Holly

kingstreet · 8 October 2011 at 11:44AM

As there's a mortgage, he needs to approach the existing lender to be vetted to ensure they will allow him to take over the mortgage alone. Alternatively, he may approach a new lender for a remortgage. Either way, there's no point worrying about solicitors until the mortgage issue is resolved.