change of equity / transfer of ownership halifax

masteranderson15

Hi been to see my bank today (halifax) currently my 2 sisters and i own a third of my house although legally mortgage is in their name and land registry . something has happen and we now want to take my sister off the mortgage and land registry and put it in my name. She happy with this.

Halifax has said this is ok i just have to pay a £160 transfer of ownership fee and go through a approve halifax solitor (£600 for this) i want to avoid this fee and was wondering how i go about this ?

Can halifax force me to use a solitor as the process with land registry doesn't seem that difficult ?

Thanks for any advice you can give ?

Goldiegirl

As the Halifax has a mortgage on the property, they want to protect their security by making sure the transfer is done properly at the land registry.

Therefore it is their requirement that a solicitor from their panel is appointed, so that the transfer is done to their satisfaction.

If you want to do it yourself, you'd need to clear the mortgage in full...... Then they'd have no further interest in the property, so you'd be free to do what you wanted.

If you want a transfer of equity while they hold a mortgage on the property, then you'll have to accept their conditions for the transfer, and that includes using one of their solicitors (which you pay for)

amnblog

Have Halifax spoken to you about underwriting you for the mortgage?

Mortgage_Mark_2

I'm surprised Halifax agreed to you being an owner of the property and not being on the mortgage in the first place?

amnblog

Sounds like our OP it not on the mortgage nor the land registry currently.

masteranderson15

amnblog wrote: »

Have Halifax spoken to you about underwriting you for the mortgage?

HI no they have not mentioned underwriting. What is this ?

Thanks for the reply

amnblog

Because you were not speaking to the people who make it happen would be my guess.

masteranderson15

Mortgage_Mark wrote: »

I'm surprised Halifax agreed to you being an owner of the property and not being on the mortgage in the first place?

legally i'm not on the land registry or the mortgage.

my sisters and I just have a understanding that i do own a 3rd

masteranderson15

amnblog wrote: »

Sounds like our OP it not on the mortgage nor the land registry currently.

Yes thats correct i'm not on the land registry or the mortgage

amnblog

Halifax have an understanding that you are nothing to do with the property.

If you wish to be, they will wish to check you out.

masteranderson15

amnblog wrote: »

Halifax have an understanding that you are nothing to do with the property.

If you wish to be, they will wish to check you out.

They have checked me out and i pass with flying colours so i'm told. it's just a little annoying that i have to get legal involved to complete the land registry form on my behalf and they want to charge £600 for the priviledge.

I'm obviously going to have to pay the £600 but i was wondering if any one had experience of challenging this and was able to use a different company or do it themself :cool: