Cost of Adding a Name to Deeds (mortgaged property)

Lazylion

Apologies if I’m posting this in the wrong forum…it is kinda mortgage related! My partner has just moved in with me and I’m looking to put his name on the mortgage and house deeds. We’ve discussed all the financial implications, spoken to the bank who will charge us a fee of £160, but what I’m looking to find out here is how much a solicitor will charge for add his name to the deeds. Does anyone have experience of this? Are there online law firms who deal with this kind of thing?

Many thanks

kingstreet

£300 to £450 would be my estimate for a transfer of equity.

Don't forget SDLT if the mortgage is over £250k.

bambos

My husband and I are currently doing this and adding me. However our fixed rate ended and we decided to increase our mortgage slightly so applied to our existing provider. We were approved and instructed our solicitor to approach land registry (£295) we have no fees from our provider but have been told we may be subject to stamp duty (I don't see how when we paid that when we brought the house originally)

kingstreet

The consideration is deemed to be 50% of the outstanding mortgage, so if it's over £250k, SDLT is payable on the amount in excess of half of that, as you are effectively selling half the property in return for someone else becoming responsible for half the mortgage.