Transfer of Equity - After very amicable divorce

Divorced_finally

Hi,
We had our DecreeAbsolute more than two years ago. Everything was amicable then and still is. I provided her with a mutually acceptable financial-settlement with verbal agreement that she will forego all her rights on our marital home - which was jointly mortgage then and it still is. I have been paying the mortgage off since. But for some reasons I never got around to change the ownership/mortgage from the current 'joint' status to just in my name.
I am ready to do that and so is she. She is willing to help me out in all possible ways to make it as quicky and painless as possible.

What are my options ? Transfer-of-equity is my first thought. The mortgage company is happy to transfer the full equity in my name (affordability checks done). Whichever process it is, how long does it take ? Does she need any legal represenation ? (she's happy for me to present her with any documents and sign it).

Help appreciated
Regards
FD

Divorced_finally

Just to add :
She is not asking for any money in return of this transfer of deeds/equity.
She is willing to sign any/all documents that are needed as part of this. She just doesn't want to spend any money on any lawyers/advice that might be needed.

kingstreet

A typical one-off TofE costs around £450 to £600 and takes two to three months.

Once the lender agrees, the matter is passed to a solicitor who will suggest your former partner takes independent legal advice. That will be her decision of course.

She will need to sign the transfer documentation when it is supplied by the solicitor.

Divorced_finally

Thanks ! That was very quick One more question ...
The first solicitor that I spoke to (on phone) suggested that this 'may be' considered to be part of the Marital-breakups and hence lots of documents will be needed (Decree Absolute, court-orders, etc etc). I pointed it out to the solicitor that the marriage has been dissolved many months ago, yet the solicitor still maintained that it HAS to be mentioned in the documents that this was a marital house.
Am I right in thinking that above complication is unnecessary ?
Am I right in thinking that this can be treated as just a normal TofE, like the one between two non-related persons ??

kingstreet

I'd take the solicitor's view on this. It's too specific a question for a forum like this, IMHO.

Thrugelmir

Divorced_finally wrote: »

Am I right in thinking that above complication is unnecessary ?

Better that the proper formal process is followed.

holly_hobby

This my own observation of the situ, the property was the marital home and a jointly held asset during the marriage - of which it continued to be so afterwards - did you have a clean break divorce ?

What was said/agreed within the terms of the divorce re division of assets regarding the house (equity) - this is what your current Sol needs to establish before proceeding.

As Kings. states, basic TOE costs circa £400 -£500 - may be increased by any complications arising from the divorce and non-inc of the property within the original asset allocation.

As stated above, be guided by your Solicitor.....

Hope this helps

Holly

caroline233

My ex and I are doing the same and are transferring the equity of what was a joint asset into my sole name. Although we are divorced, because it was a marital asset it is part of the divorce financial settlement and we therefore have to get a consent order sealed by the court. The transfer deed has to show some payment or "consideration" has passed from transferor to transferee (ex to me) and will simply say in accordance with the consent order. Sounds more complicated than it is but ties up all the legal ends nicely and relatively cheaply.