Transfer of Equity

frazzo

what is the cheapest way of doing this?

The Land Registry doesn't insist on using a solicitor and since it's only a removal of someone's name from the deeds (mortgage stays the same, no further borrowing or transfer of funds) I'd like to avoid paying a para-legal £500 to lick a few stamps.

Has anyone just paid the land register fee?

thanks in advance

Wh05apk

I doubt if any lender would allow you to do it yourself, if they did, they would probably insist on their solictor checking your paperwork which would wipe out any savings.

Also from a lenders point of view, it's not just a case of "removing someones name" it is giving the remaining party a new mortgage in their sole name, which would need full underwriting checks.

harvey115

If you have a mortgage then they have the first charge on the property so you cannot simply do the Transfer of Equity that easily.

You would need to have a confirmation from your lender that they are happy with the transfer. A solicitor would be necessary to do this correctly.

kingstreet

On confirming it accepts the change of parties, the lender will insist a solicitor completes the transfer.

frazzo

ok so it's the lender who insists on a solicitor.

I can understand that.

It's just hard to justify £500 for a form to be sent to the registry office and a bankruptcy charge search.

If the lender is happy surely this is just a tiny bit of admin for a solicitor.

I can understand their fees when buying/purchasing a house but with this I'd like to pay as little as possible for all they will be doing.

Thanks guys

themull1

My transfer of equity was £700 and you have to go through a solicitor.