Transfer of Equity

shaunc196

I hope I am in the right place. If the wife, wanted to remove her name from the Mortgage, who would have to pay for this. Would we "both" need solicitors or just one of us?

I ask, as I rang the Solicitors to enquire about the fee, and they want £350+VAT, then £40 + VAT for the Land Registry. The wife, is receiving "or will be " income support, so should would qualify for Legal Aid.

Basically, she will not get Housing Benefit because her name is on the mortgage, she has been told this, and I cannot cough up £400 for solicitors fee's ( not that I don't want to, just simply havent got it )

Any Advise Greatfully receive.

MegS

You will have to ask the permission of your lender first, if they agree then a form of transfer would have to be signed by both of you and the lender. She doesn't have to have a solicitor (and I don't think she would get legal aid for this anyway but you could check) but would be advised to seek legal advice. Depending on your lender they would either keep the mortgage as is just taking her name off or (especially in the case of NatWest for one) would insist on a new mortgage offer with all related costs and searches. There would also be a disbursement to register you as the sole owner at the Land Registry. The lender will probably require you to have a solicitor to do this as they would want the solicitor to act for them as well. First port of call is your lender.

shaunc196

MegS wrote:

You will have to ask the permission of your lender first, if they agree then a form of transfer would have to be signed by both of you and the lender. She doesn't have to have a solicitor (and I don't think she would get legal aid for this anyway but you could check) but would be advised to seek legal advice. Depending on your lender they would either keep the mortgage as is just taking her name off or (especially in the case of NatWest for one) would insist on a new mortgage offer with all related costs and searches. There would also be a disbursement to register you as the sole owner at the Land Registry. The lender will probably require you to have a solicitor to do this as they would want the solicitor to act for them as well. First port of call is your lender.

Hi Megs.

Yes I have already spoke to them, and they have agreed, and sent out the consent forms. All I wanted to know, is who needs the solicitor, and by the sounds of it, it would be me, as I am keeping the property, or would like to anyway.

There is no financial problems, as such, that I can afford to keep the house, as I pay for the house now, so A&L don't see any problems, its just all this legal stuff

clutton_2

are you sure she will be entitled to any income support if she lives with you ?

Housing Benefit officers may see the transfer as a "contrived" transfer motivated by your/her need for her to be eligible for Housing Benefit. They will scrutinise a tenant who is renting from a close member of their family very closely indeed before granting entitlement to HB.

shaunc196

clutton wrote:

are you sure she will be entitled to any income support if she lives with you ?

Housing Benefit officers may see the transfer as a "contrived" transfer motivated by your/her need for her to be eligible for Housing Benefit. They will scrutinise a tenant who is renting from a close member of their family very closely indeed before granting entitlement to HB.

Well thats what I thought, but she insists that she is We even had a Visit from the Income Support Officer, but obviously they didn't see me, as I was at work.

She is not renting from me, I am paying for everything. We are I suppose, coinhabiting, until she got sorted.

Beleive me, its a terrible situation to be in. Cannot sell the house, due to massive Neg Equity. She cannot be re-housed, due to name on the mortgage. I cannot move anywhere, due to cannot afford 2 houses, and thus house would be Repo ( which I don't want at all )