We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transfer of Equity
MartinJL
Posts: 3 Newbie
My parents moved abroard several years ago in retirement, then decided to come back. They had trouble selling their house overseas and could only afford half of the price of an £80k house here ie £40k so my wife obtained a mortgage for the rest in her name (I was self employed so too difficult). So house was purchased, 50% in wife and 25% each of parents. They have now sold the overseas house and mortgage has been repayed. We now want to remove the wife's name from the title deeds giving the parents 50% each. Easy? No the solicitor was contacted who did the original purchase (for all parties) tells us we need two solicitors (and two sets of fee's) to transfer the equity. Jobs for the boys?! Is it possible to deal with the land registry direct and avoid the grasping fees of the solicitors? If so what forms and what is needed to do it?
Thanks
Martin
Thanks
Martin
0
Comments
-
Hi! I am sure someone more knowledgeable will be along shortly but when I last did a Transfer of Equity there was only one solicitor used, however the solicitor only works on the behalf of the person who has engaged with them.
Most mortgage companies insist you go through a solicitor, but I believe if there is no mortgage, you can do it privately via a TR1 form from the Land Registry.
Good luck!0 -
If there's no mortgage, you can DIY.
There's a Land Registry rep who posts on here, so keep your eye on your thread next week.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Don't forget the CGT assessment.
Who was paying the mortgage?
If the parents there is an income tax implication0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards