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Process Length of Transfer of Equity
TeaMonster1979
Posts: 1 Newbie
Hello everyone! I wonder if anyone can offer some advice please and/or share your own experiences, please?
My situation is this: I own and share a property with my brother and have done for about 3 years. We have a joint mortgage with The Woolwich. The time has now come for me to move out and buy a place with my partner as I am pregnant and my current property is too small to house all of us (and I don't want my baby to encroach on my brother's batchelor lifestyle!). My partner does not live in the property or have any financial interest in it, FYI.
We agreed that my brother would buy me out so I could put the money towards a deposit on a new house. We got the valuations, agreed a price and he's even arranged a new mortgage for himself with The Woolwich. Instead of going with the usual solicitor my family use for the Transfer of Equity (who are very good but expensive!) he opted to go with one The Woolwich recommended, Enact.
He started to get the paperwork through from them and meanwhile, my partner and I got a Mortgage Offer from The Woolwich to buy our own place, found and put an offer on a house and are currently at the very tail end of the Conveyancing.
My solicitor contacted me a few weeks ago to say the Transfer of Equity wasn't as far advanced as it should be. When I talked to my brother about it and he contacted Enact to see what the delay was, they informed him they had sent him some forms he hadn't yet returned. Yes, my brother isn't the most practical of people and he had in fact been sitting on the forms without realising. I think he expected them to chase him up!
Obviously I wasn't best pleased but my brother has hopefully remedied that now and got the process going again. I have recently had a form to sign from them concerning my consent for the Transfer and Enact have told my brother they have sent the Transfer document to my solicitor (although my solicitor is yet to confirm he is in receipt of this).
My brother, who is very financially solvent, has even offered to lend me the deposit from his savings (with me to repay him when the Transfer of Equity monies finally come through) to speed up the process, although my solicitor has advised this wasn't a good idea as The Woolwich wouldn't like it and will open up a whole other can of legal worms that may delay further. However, from my Contract documents I can see that my solicitor just requires the deposit to be paid over from my account - I can't understand why it matters where the deposit comes from!
My question is, how long do you think the process will take now? We are pretty much ready to exchange Contracts on the new house, although I can't afford to pay the deposit and therefore complete until the money from the Transfer of Equity comes through. It's getting very tight with time now as the sellers are understandably getting a bit antsy with the delay and there is a chance they will pull out (plus my baby is due in five weeks time!). I have been in control and have known/understood everything that has been going on re: the Conveyancing but feel very much in the dark about the process/time length of the Transfer of Equity so anything people can advise would be very helpful!
My situation is this: I own and share a property with my brother and have done for about 3 years. We have a joint mortgage with The Woolwich. The time has now come for me to move out and buy a place with my partner as I am pregnant and my current property is too small to house all of us (and I don't want my baby to encroach on my brother's batchelor lifestyle!). My partner does not live in the property or have any financial interest in it, FYI.
We agreed that my brother would buy me out so I could put the money towards a deposit on a new house. We got the valuations, agreed a price and he's even arranged a new mortgage for himself with The Woolwich. Instead of going with the usual solicitor my family use for the Transfer of Equity (who are very good but expensive!) he opted to go with one The Woolwich recommended, Enact.
He started to get the paperwork through from them and meanwhile, my partner and I got a Mortgage Offer from The Woolwich to buy our own place, found and put an offer on a house and are currently at the very tail end of the Conveyancing.
My solicitor contacted me a few weeks ago to say the Transfer of Equity wasn't as far advanced as it should be. When I talked to my brother about it and he contacted Enact to see what the delay was, they informed him they had sent him some forms he hadn't yet returned. Yes, my brother isn't the most practical of people and he had in fact been sitting on the forms without realising. I think he expected them to chase him up!
Obviously I wasn't best pleased but my brother has hopefully remedied that now and got the process going again. I have recently had a form to sign from them concerning my consent for the Transfer and Enact have told my brother they have sent the Transfer document to my solicitor (although my solicitor is yet to confirm he is in receipt of this).
My brother, who is very financially solvent, has even offered to lend me the deposit from his savings (with me to repay him when the Transfer of Equity monies finally come through) to speed up the process, although my solicitor has advised this wasn't a good idea as The Woolwich wouldn't like it and will open up a whole other can of legal worms that may delay further. However, from my Contract documents I can see that my solicitor just requires the deposit to be paid over from my account - I can't understand why it matters where the deposit comes from!
My question is, how long do you think the process will take now? We are pretty much ready to exchange Contracts on the new house, although I can't afford to pay the deposit and therefore complete until the money from the Transfer of Equity comes through. It's getting very tight with time now as the sellers are understandably getting a bit antsy with the delay and there is a chance they will pull out (plus my baby is due in five weeks time!). I have been in control and have known/understood everything that has been going on re: the Conveyancing but feel very much in the dark about the process/time length of the Transfer of Equity so anything people can advise would be very helpful!
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