Transferring of title deeds

Aidanjm

***Mods - was unsure where to post this so stuck in here, feel free to move***

Not having much luck elsewhere on net but wondered if anyone knew how much it would be to transfer title deeds and a rough cost.

Background - my mum passed away last year and as sole air and executor was left everything including her house. The will has all been sorted in court.

The house had a small mortgage left on it of around £8000 - there is around £3000 in the estate. I want to transfer the title deeds into my name which means I re-mortgage, pay off the mortgage etc.

1. Is this allowed and;
2. If so, is it easy to transfer the title deeds?
3. If so, a rough price (being quoted c.£750)

Thanks in advance

kingstreet

The usual cost for a TofE is £450 to £600, but the cost may be higher as the property is being conveyed to you at the same time.

Effectively, you are purchasing the property from the estate in return for redeeming the mortgage.

It shouldn't be much more than £500 + VAT, but you're going to have to ring around different solicitors to explain exactly what you need and they will issue a written quotation.

Aidanjm

Thanks for the info but may I ask what you mean that it's being conveyed to me?

G_M

Where a 'buyer' buys a property, with a mortgage, from a 'seller, there are two elements:
1) conveyancing (ie transferring the property Title in exchange for £) and
2) placing a Charge (mortgage) against the property Title

In a simple inheritance situation, you could transfer the Title quite easily yourself, using forms fom the Land Registry and providing the required evidence (death cirtificate, proof of ID etc)

In your case, a solicior will be needed as you will be getting a new mortgage (for £5000?) and your lender will insist a solicior does 2) above. So the solicitor might as well do 1) above at the same time!

One possible issue (kingstreet should know the answer): can one actually get a mortgage for £5000? I suspect there is a minimum amount, and you might need a loan instead.

Land_Registry

As G_M states if you intend to re-mortgage then the lender will insist on your using a conveyancer.

However, just in case you wish to proceed in some other way here is a link to our online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title.

Aidanjm

Thanks for that information. At this stage I haven't spoken to my lawyer about a re-mortgage, only the transfer of the title deeds.

My plan was to transfer the deeds then go for re-mortgage for c.£50,000 to invest elsewhere in other property.

Now I am a wee bit confused as to what the correct course of action will be as I am happy to try and transfer the deeds myself...it will teach me a thing or three.....I will check your online guidance LRr...thanks.

Just for info. this is a breakdown my lawyer sent me for transfer:

£
Fee350.00
VAT70.00
420.00
Outlays :
Registration Dues300.00
Stamp Duty Nil
MultisearchNil
Coal ReportNil
Registers Direct3.60

Total723.60

kingstreet

Plenty of lenders, smaller building societies in particular, have no minimum mortgage amount, so what you need shouldn't be a problem.

You can't transfer the ownership to you until the mortgage is repaid, as the lender will not remove the charge over the property.

As I said, you are effectively purchasing the property from the estate. Your solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the new lender's mortgage is registered as a charge at the Land Registry.

Your solicitor's quote should include the fees for any searches required by your mortgage lender and possibly a fee for acting for your lender, unless included in headline fee.

Aidanjm

Thanks kindly for that info KS.

Would it be possible for a transfer of the outstanding mortgage to me so I could just continue paying it....

.....then can transfer the deeds at the same time?

kingstreet

Not normally, no.

If the current lender had any kind of plan, it would involve you taking a new mortgage with them and the legal work as already stated.

Net result, the same.

Jeffrey_Shaw

It's not a Transfer anyway but an Assent (i.e. from OP as executor to OP as beneficiary). Discharge of the mortgage debt is from the Deceased's assets. OP is not 'buying' at all but simply inheriting. Obviously, the new mortgagee should be told this- esp. as reassurance that OP is not a 'donee' whose acquisition could later be overturned if a donor became insolvent.

kingstreet

Yes. I was trying to explain it to the OP in an understandable and jargon-free fashion. You've clarified nicely what will happen.