Help - Remortgaging - transfer of equity/solicitor questions

ruudy

Hi all, I’d posted previously in relation to setting up a re-mortgage on my current property whereby I am looking to transfer equity/title into my sole name, removing my ex (never married) from the current deed/mortgage.



I had asked a few questions on the forum about this and also discussed with L&C and was assured that the new lender (Nationwide) would arrange for all of this on my behalf. I was informed that basic solicitor fees would be covered by Nationwide however, there would be an additional fee to undertake the transfer of equity/title. This was fine with me so I went ahead and agreed for the application to be made.



Today, I’m rattling my brains again. I’ve had various bits of correspondence through from yourconveyancer who are appointed by Nationwide. One of the letters relates to the required transfer and the bulk of it discusses the situation should I be married/separated and the separation agreements that need to be in place. It states that in situations such as these they will only ‘act in the preparation of a transfer of title’ and mentions in a few places that they don’t represent either party (which I understand).



It then goes on to say if I wish for them to proceed with a transfer of title then I should sign the attached Transfer Mandate indicating whether I wish to instruct them to prepare the necessary transfer documentation on the terms stated or if I wish to instruct my own solicitors. At the bottom there are outline costs and a note stating that if I choose to use my own solicitors to act on my behalf in connection with the transfer of title, then I will be charge an additional fee of £188 +VAT



I got confused about this, firstly I’m not married so I didn’t know how much of this applied to my situation, do I need any agreements etc. Secondly, it notes on a few occasions that they ‘prepare’ the documentation/transfer etc, so it left me thinking who do they prepare it for, is there anything else I need to do? And finally why would I need to pay them should I choose the second option and decide to use my own solicitor instead?



So I emailed asking these questions and received a response which simply states – If I am not married then a separation is not a separate requirement if I am requesting that they prepare (there’s that word prepare again) the disposition on the basis that they aren’t acting for nor advising any party involved. It hardly addressed my concerns.



Can someone please help me out here? Perhaps I need an idiots explanation but I’m getting worried that I go through with this and miss something or mess something up. The advice from L&C was that it would all be handled for me by the lenders appointed solicitor, so why do I keep reading about how they will only ‘prepare’ things. If it’s all going to be too much for me then I’d consider going to use a local solicitor for everything but what’s this bit about 188 quid + VAT for not using them? Plus I’d be losing out on some costs being covered.



Thanks in advance

Thrugelmir

If you don't use a lenders solicitor then there'll always be additional charges irrespective of the circumstances. As the lenders solicitor will remain involved to represent the lenders interests.

By preparing only, they are offering no advice. Merely followiing your instructions. Nothing unusual in this. They are merely making very clear the capacity in which you've engaged them. As often transfer of equity involves a divorce settlement or splliting of assets. So all parties need to be in agreement.

ruudy

Thrugelmir wrote: »

If you don't use a lenders solicitor then there'll always be additional charges irrespective of the circumstances. As the lenders solicitor will remain involved to represent the lenders interests.

By preparing only, they are offering no advice. Merely followiing your instructions. Nothing unusual in this. They are merely making very clear the capacity in which you've engaged them. As often transfer of equity involves a divorce settlement or splliting of assets. So all parties need to be in agreement.

So they will be doing everything i need them to do? i.e getting this transfer of equity/title pushed through and not just preparing the documentation for someone else to complete? It's just the way it sounds really.

Also their response to my email - Is this telling me that i don't require any agreements? Should it be relatively straightforward provided both myself and ex are content with it?

Thanks :beer:

Foxy-Stoat_3

All for £188 plus vat?

When I carried out a ToE the legal fees were the same as buying the place.

I would just use your own solicitor then remortgage once its all complete, as I suggested in your other thread.

The agreements they speak is that if your ex for whatever reason doesn't proceed without receiving some consideration to complete the transfer.

At the moment is it all verbally agreeable?

ruudy

Foxy-Stoat wrote: »

All for £188 plus vat?

When I carried out a ToE the legal fees were the same as buying the place.

I would just use your own solicitor then remortgage once its all complete, as I suggested in your other thread.

The agreements they speak is that if your ex for whatever reason doesn't proceed without receiving some consideration to complete the transfer.

At the moment is it all verbally agreeable?

No the £188+vat is a fee i need to pay them if i choose to use another (local) solicitor to undertake the transfer.

The cost for YourConveyancer i think are in the region of 260+vat give or take a few extras.

All the agreements noted in the letter seem to concern a married couple. It doesnt mention joint mortgage holders who are not married, which is why i required clarification on whether the same thing applies to me.

Its verbally agreed with ex yes (for what it's worth).

Foxy-Stoat_3

Is the £188 the mortgage fee rather than legals?

Halifax charged me £120 for ToE.

Thrugelmir

ruudy wrote: »

All the agreements noted in the letter seem to concern a married couple. It doesnt mention joint mortgage holders who are not married, which is why i required clarification on whether the same thing applies to me.

They have no idea as to your personal circumstances. So will by default issue a standard response to all enquiries of this nature.

ruudy

Foxy-Stoat wrote: »

Is the £188 the mortgage fee rather than legals?

Halifax charged me £120 for ToE.

I dont think so because the fee is to nationwide and it was £99.

This £188 comes on a letter from 'your conveyancer' It says:

Undernote
Transfer of title - £245 + registration dues
Verification of id 2 x £5
Solvency affidavit £0
Stamp duty land tax form - £75 (if applicable)
Indemnity insurance - costs tbc (if applicable)

Please note that should you be instructing your own solicitors to act on your behalf in connection with the transfer of title, we will charge a fee of £188 + vat

ruudy

Thrugelmir wrote: »

They have no idea as to your personal circumstances. So will by default issue a standard response to all enquiries of this nature.

Yes that's understandable but it has me wondering if my situation is dealt with in a similar way and when i asked i got a response which didnt seem to help. Now rather than get all confused about it and be unsure with how they operate i would consider using my own solicitor instead. However it seems like they want to charge me for doing that.

I'm a bit dissapointed in L&C at the moment as they informed me that it woukd be very straightforward and not to worry about the transfer as it would all be dealt with smoothly with no real need to involve anyone else.

ruudy

So with no need for settlements with my ex can anyone please advise if YourConveyancer should 'complete' a transfer of title/equity?

Thanks

kingstreet

Yes, the process to remove a party from the ownership and mortgage is/requires a transfer of equity.

Both the charge over the property have to be replaced and the charges and proprietorship registers at the Land Registry have to be changed.