Transfer of Equity - Land Registry forms advice please

kmazzy

Hi,

I jointly own a property, with mortgage with my ex partner. Him and his new partner are going to buy me out and have had approval from our mortgage lender to remove my name and replace it with hers subject to their fees. This part of the transfer has to be done using the mortgage lender's solicitor (apparently).

Is it possible for us to do the Land Registry change (removing my name, adding new partner's name) ourselves?
I understand we would need at least AP1 (Change the register) and TR1 (Registered title(s): whole transfer).

There will be a consideration as he is buying me out, but the total amount will be less than £125k so this will avoid stamp duty. Is there a form to fill in to say stamp duty is not payable?

Does this even sound possible considering part of the process has to be done by the mortgage provider and their solicitor?

Any advice is very welcome thank you.

Kat

davidmcn

In practice no, as the lenders will need to have enough control over the process to make sure that the mortgages are transferred simultaneously with the title.

kingstreet

Lender will want to control this and ensure solicitor properly handles transfer and new mortgage deed, so no.

kmazzy

Thank you for your replies. I was hoping to be able to do part of the transfer more cheaply but I guess we'll just have to cough up whatever the lender charges.

Although it's also a relief having looked at the LR forms...

kingstreet

Typical cost of a ToFE is £450 to £600 which includes the lender and solicitor costs, although you should of course get these confirmed as they do vary from lender to lender.

kmazzy

Thank you.

I'm not sure why the lender did not make it clear that they would need to control this process themselves when we asked about changing names on the mortgage.

Land_Registry

kmazzy wrote: »

Thank you for your replies. I was hoping to be able to do part of the transfer more cheaply but I guess we'll just have to cough up whatever the lender charges.

Although it's also a relief having looked at the LR forms...

The Transfer of the legal title and the changes required re the mortgage paperwork whilst separate processes (first with us and second with lender) will invariably need to be done by a solicitor/conveyancer as approved by the lender.

The forms AP1 and TR1 can appear quite complex but we do provide online guidance in the form of completion notes as to their completion as well as a video to take you through them.

kmazzy

I did actually watch the guidance video. I think I would probably be able to complete the forms properly if I concentrated, but since it wouldn't be appropriate in my situation I am happy to avoid this.

The main difficulty I had was working out which forms I needed. But I guess this is why solicitors are usually used.

Land_Registry

We try to list the requirements in a logical fashion but as you say conveyancing professionals are using the forms on a regular basis so naturally are more familiar with their use.