GE Money - Process of Tranfer of Equity No Solicitor Required

origins36

Hi,
My partner's ex is currently going through the application process of taking his name off their joint mortgage with GE Money.The mortgage application has been submitted and he signed the paperwork not realising that at the same time he was agreeing to the transfer of equity.

Having been through the process myself, the transfer of equity was dealt with after the mortgage offer had been approved and I had to take the relevant forms to a solicitor to be signed and confirm my identify.

However, GE Money tell him this is all dealt with in one application and in their words, it is no longer a requirement for the transfer of equity to be done at a solicitors because of the fees it makes it expensive.

Is this right? Everywhere I've read states that it requires solicitor involvement.
Thanks in advance

The_J

Doesn't sound right but without seeing the signed paperwork I'm not sure.

origins36

Thanks, doesn't to me either.

Has anybody else been through transfer of equity process with GE Money?

roonaldo

GE have their own in house solicitors called Simply Law. I expect they do it, saving you the trouble of appointing your own solicitor

CLAPTON

maybe read what he has signed up to ?

origins36

Impossible now, it's been sent off. She wouldn't allow him to take the paperwork away in the first instance. Seeking legal advice.

origins36

Thanks for the info regarding them using their own solicitor, again she's withheld that information from him. Useful to know

loubel

origins36 wrote: »

Hi,
My partner's ex is currently going through the application process of taking his name off their joint mortgage with GE Money.The mortgage application has been submitted and he signed the paperwork not realising that at the same time he was agreeing to the transfer of equity.

You need to clarify what your partner signed, as signing a form for the lender confirming he is in agreement with the transfer of equity is not the same thing as signing the transfer deed.

This is a transfer deed:
http://www.landregistry.gov.uk/_media/downloads/forms/TR1.pdf

Did he sign one of these in the presence of a witness (not his ex)?

I would be very surprised if there was no solicitor involved, but they won't be acting for your partner and should have advised him of his right to get his own legal advice.

origins36

I believed it to be Signing agreeing to the transfer of equity but I can't be sure.

It wasn't signed in the presence of a witness, only his ex was present.

This is why it surprised me when GE Money gave that response when his ex claimed that he'd signed the transfer of deed.

Another call to GE Money is required & a solicitors appointment is pending.

Thanks for your reply