Transfer of equity....help!!!

trialsmad

My sister and I bought a house together 3 years ago and now the time to part has arrived. She and her boyfriend are buying their own house and I am taking on the mortgage by myself. I have a new mortgage all ready to go, just need to remove her from the deeds etc. I have a solicitor ready to remove her from the property legally etc. We have agreed a price on buying her out. Can I just transfer her the money or does this have to be done through a solicitor?


Please help

Contemptuous

Surely the mortgage company will remit the funds to your solicitor anyway?

libf

trialsmad wrote: »

My sister and I bought a house together 3 years ago and now the time to part has arrived. She and her boyfriend are buying their own house and I am taking on the mortgage by myself. I have a new mortgage all ready to go, just need to remove her from the deeds etc. I have a solicitor ready to remove her from the property legally etc. We have agreed a price on buying her out. Can I just transfer her the money or does this have to be done through a solicitor?


Please help

Ask the solicitor.

David_White

You'll need a solicitor.

Thrugelmir

Use your solicitor.

Goldiegirl

You say you have a new mortgage ready to go, but you don't specify whether you are borrowing the additional money to buy your sisters share of the property, or whether you have this money saved up already.

If you are borrowing the extra money, your solicitor would use the new mortgage to pay off your old mortgage, and would want to know what to do with the money left over, so you'd need to instruct him to pay the money directly to your sister, or he could pay the money to you and give the money directly to your sister.

if you have the money in savings, you could either give the money to your solicitor to pass on, or you could give the money directly to your sister, once you know the property has been transferred to your sole name.

As already said by others, ask your solicitor the best way to do it.

trialsmad

I have the money in my savings. Just did a chance of borrower rather than a remortgage.