Transfer of Title and Re-Mortgage

1886

Hi,

I would like to do a Transfer of Title (removing my dad and replacing him with my wife) and at the same time we are also re-mortgaging, again my wife will be replacing my dad.

The mortgage has been approved and an offer is in the post.

The Transfer of Title is getting a bit confusing which is why I'm here. I've emailed ten local solicitors for quotes and they all seem to say that I need to have different things done. There seems to be no uniformed requirements.

I've spoken to Natwest and they were'nt able to help with what is required for the Transfer of Title as they said they don't get involved with the legal side of things.

The solicitor that I was going to go with has since told me that Natwest don't accept 'search insurance' and that they themselves will now have to carry this out at an extra cost of £309. I've ran this by two employees at Natwest's mortgage centre and a manager and none of them had ever heard of search insurance.

If anybody can help i.e give me some idea of exactly what is required legally for a Transfer of Title that would be great

Thanks

G_M

I assume there is an existing mortgage? So that Charge will need to be removed (mortgage paid off) before/as part of the Title Transfer.

And the new Charge then added.

I would have expected that any solicitor on the NatWest list could do all this as a single process.

I'm also not sure what 'search insurance' is - why not ask the solicitor!?

You mention that "they all seem to say that I need to have different things done. There seems to be no uniformed requirements." What are the 'different things' (other than the search insurance)?

And does it even matter? Provided they know & confirm what your instructions are (remove existing Charge with xxxx bank, transfer title, arrange new Charge for NatWest) then whatever quote they give you should achieve that.

1886

Yes there is an existing mortgage with Natwest of £108k. We are staying with Natwest but changing from interest only to repayment.

Natwest have'nt made me aware of any 'preferred or recommended solicitors'. I've just been contacting local ones myself.

I was given a quote by the solicitor that I decided to use only for them to then say that the quote will now be another £309. I rang the solicitor to query this and ask for more information.
I was just told that they had referred to a handbook they had and that it states that Natwest don't accept 'search insurance'. I think she meant checking that there is for example no dormant mines under the property. These searches were done previously but supposedly they are only valid for six months.

Regarding 'all the solicitors seem to say I need different things carrying out'. I'll check the quotes and give some examples shortly

Thanks for taking the time to reply

loubel

The search insurance is a policy often used in remortgages to avoid the need to carry out searches. NatWest don't accept it, so your solicitor will need to carry out full searches the same as they would with a purchase.

1886

Thank you loubel, you know more than Natwest. They said they had never heard of it even though they also say it's something they don't accept

Land_Registry

Assuming the property is registered and in England o Wales then our online guidance explains how the title can be transferred from the current registered owners to the new ones.

NatWest are likely. like any other lender, insist on you using a conveyancer/solicitor to complete the process so what searches they need you to complete can be confirmed by them or the conveyancer/solicitor.

I suspect that the 'different things' you refer to are to do with the conveyancing and not the registration process but will wait to read your updates around this.

cattermole

1886 wrote: »

Hi,

I would like to do a Transfer of Title (removing my dad and replacing him with my wife) and at the same time we are also re-mortgaging, again my wife will be replacing my dad.

The mortgage has been approved and an offer is in the post.

The Transfer of Title is getting a bit confusing which is why I'm here. I've emailed ten local solicitors for quotes and they all seem to say that I need to have different things done. There seems to be no uniformed requirements.

I've spoken to Natwest and they were'nt able to help with what is required for the Transfer of Title as they said they don't get involved with the legal side of things.

The solicitor that I was going to go with has since told me that Natwest don't accept 'search insurance' and that they themselves will now have to carry this out at an extra cost of £309. I've ran this by two employees at Natwest's mortgage centre and a manager and none of them had ever heard of search insurance.

If anybody can help i.e give me some idea of exactly what is required legally for a Transfer of Title that would be great

Thanks

Presumably the issue of "gifting" from your father has been explained to you by your Solicitor and what this can mean?

Richard_Webster

The solicitor that I was going to go with has since told me that Natwest don't accept 'search insurance' and that they themselves will now have to carry this out at an extra cost of £309. I've ran this by two employees at Natwest's mortgage centre and a manager and none of them had ever heard of search insurance.

Well do you really expect Nat West bank employees to understand legal niceties? Few lender staff have much idea about what is required from a legal point of view. Lenders provide a technical legal manual (usually the Council of Mortgage Lender's Handbook with their own variations) and expect solicitors to comply with its terms. Bank staff will not know very much if anything about this.

One of the popints dealt with in the CML Handbook is whether or not the eldner will accept Search Insurance instead of actaully carrying out searches. This is generally cheaper than the cost of searches.

The other point of course is that I imagine your father is transferring his hare at no cost to your wife. This is an undervalue transfer and if your father went bankrupt within 5 yaers could be upset, thereby removing the lendere's security. So they will want insurance about that as well.

kingstreet

Has NatWest told you this is a remortgage, or have you grabbed hold of the word yourself?

This sounds like a transfer of equity alone and as NatWest is already the mortgagee; there is no remortgage and hence no need for searches nor search indemnity insurance.

mrsmoppit

Hi,
I am looking for a little bit of advice. I am removing my ex partner from my mortgage by getting a re-mortgage with a new lender and was wondering if I need to complete a Transfer of Title/Equity? And if so would anyone know the average price?
Many Thanks