Help - Remortgaging - transfer of equity/solicitor questions

ruudy

kingstreet wrote: »

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.

So this is what your conveyancer should do (for extra fee) without the need for me to involve another solicitor or set up agreements?... provided there is no objection from my ex.

kingstreet

As I said previously, you have two options when remortgaging;-

One

Use a lender's free legals package for your remortgage and have it also do the transfer of equity at your expense. It will probably suggest your ex partner seek independent legal advice at their cost

Two

Use a solicitor of your choice and at your expense to do the remortgage conveyancing and the transfer of equity. Use a mortgage product which gets you a cashback to defray some of the cost of this legal work.

Again, the solicitor acting for you and the lender will suggest your former partner seeks independent legal advice at their expense.

I can't comment on agreements etc being discussed by the conveyancer you have acting for you. You either ask them to clarify, or ask another conveyancer. As a mortgage broker you get a good overview of the process but not of the minutae of the requirements of the lender, conveyancer or Land Registry.

ruudy

kingstreet wrote: »

As I said previously, you have two options when remortgaging;-

One

Use a lender's free legals package for your remortgage and have it also do the transfer of equity at your expense. It will probably suggest your ex partner seek independent legal advice at their cost

Two

Use a solicitor of your choice and at your expense to do the remortgage conveyancing and the transfer of equity. Use a mortgage product which gets you a cashback to defray some of the cost of this legal work.

Again, the solicitor acting for you and the lender will suggest your former partner seeks independent legal advice at their expense.

I can't comment on agreements etc being discussed by the conveyancer you have acting for you. You either ask them to clarify, or ask another conveyancer. As a mortgage broker you get a good overview of the process but not of the minutae of the requirements of the lender, conveyancer or Land Registry.

Thanks Kingstreet. I appreciate the response and it did help me before but i think i must be struggling to get my question across here.

As far as a i knew, i had opted for point 1. But your conveyancer came back with a letter geared towards married couples and mentions that i should set up an agreement through another solicitor. When i emailed them to ask if this is the same for me and do i need a solicitor to draft an agreement their response hasnt helped. I also havent been able to get them on the phone.

All i want to know is - can i complete these blinking forms and return them without having to go and get another solicitor to draft up an agreement. I'm going to have to just keep trying all day on the phone

ruudy

Also for the life of me, i cant understand why i need to directly pay this conveyancer £188+vat if i decide to use my own instead to do a transfer.

L&c advised me that legals are free and the ToE through lenders solicitor would cost me 150quid on top.

kingstreet

It's beyond the scope of a free internet message board what your conveyancer needs for your particular case.

All I can suggest is you ask your conveyancer some pointed questions.

Thrugelmir

ruudy wrote: »

Also for the life of me, i cant understand why i need to directly pay this conveyancer £188+vat if i decide to use my own instead to do a transfer.

Because your lender will still employ someone to represent their interests i.e. ensure all is above board.

Thrugelmir

ruudy wrote: »

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.

Solicitors don't give advice for free.

ruudy

kingstreet wrote: »

It's beyond the scope of a free internet message board what your conveyancer needs for your particular case.

All I can suggest is you ask your conveyancer some pointed questions.

Ok thanks for clearing up. Apologies for all the questions not to do with mortgages. I've been a bit worried about how to do this correctly from the outset (and rightly so it now seems) hence all the questions and uncertainty... I did say in my other thread that the lender appointed solicitor route sounded to easy to be true :rotfl:

ruudy

Thrugelmir wrote: »

Solicitors don't give advice for free.

This one doesnt give advice full stop apparently. Which begs the question as to why issue a welcome pack stating 'if you have any questions , contact me at...'

Its a joke really. I only asked them to confirm whether they will 'complete' the transfer or if i need to get another solicitor solicitor to do it.