Process for selling property to partner

pandora205

DS bought a shared ownership flat with his girlfriend and moved in just two months ago. They have just decided they want to split and she is interested in buying the property (with a little help from her parents). Fortunately both paid equal amounts towards the deposit and the flat has at least held value. They spent quite a bit on new furniture and appliances, which I'm assuming she would want to keep/buy.

Can anyone outline the process that would be needed to complete the transfer of the property? Both sets of parents contributed towards the deposit but would be okay (probably) with any residue going towards future savings/the property.

I have to say I was just starting to enjoy my own space and sorting out the house, and I really hadn't expected this to happen. I'm going to have to think very carefully about DS moving back home but it looks quite likely.

Thanks for any help or insights - We have a meeting with the girlfriends parents tomorrow, so I'll be better informed if I have some idea of what is possible and costs.

booksurr

depends whether the GF will need a mortgage to buy our your son's share

if she will then it is no different to the original purchase process as her lender will require her to appoint a solicitor who will naturally do the conveyancing for her and she will need to pay her own stamp duty (if above the threshold of course)

of course depending on the level of animosity DS may wish to pay his own solicitor to "protect" his own interests to ensure his side is "fair". Clearly agreement will be needed on who pays whose costs

if she does not need a mortgage (and presumably both you and the outlaws agree) then DS and GF could of course DIY it by simply doing the Land Registry forms themselves: AP1, TR 1 and ID1 becuase at the end of the day all that is happening is joint becomes sole so it is not complex (provided no mortgage involved).

EDIT - I missed the shared ownership bit - legal costs look likely

davidmcn

booksurr wrote: »

if she does not need a mortgage (and presumably both you and the outlaws agree) then DS and GF could of course DIY it by simply doing the Land Registry forms themselves: AP1, TR 1 and ID1 becuase at the end of the day all that is happening is joint becomes sole so it is not complex (provided no mortgage involved).

Note shared ownership, which will complicate matters as the landlord will need to agree to the principle of the transfer to sole name and be involved in the conveyancing.

pandora205

Thanks - I'm assuming she will need a mortgage as they have one at the moment. And yes, I'm sure that shared ownership will complicate issues.

pandora205

Does anyone know if they will need to have the property revalued, etc. as it was only bought just over two months ago? Assuming the same mortgage provider will permit her to take it on - and I expect her parents will help out substantially so she would be able to do this.

booksurr

pandora205 wrote: »

Does anyone know if they will need to have the property revalued, etc. as it was only bought just over two months ago? Assuming the same mortgage provider will permit her to take it on - and I expect her parents will help out substantially so she would be able to do this.

as pointed out, it is shared ownership so that question can only be answered by asking the Housing Assoc or whoever the other owner is

pandora205

Well, having met with gf and parents, the plan is for her father to buy the property jointly with gf. This sounds like a good plan but not simple as he wants to pay mortgage jointly but for just gf to be on the deeds (presumably as he owns another property and there would be tax implications). I'm not sure if that is possible but they have a meeting with the mortgage provider to find out. They are planning to present it to the Housing Association when it is all organised. They are taking over paying mortgage from next month, which is a relief.

I'm sure they'll need new valuations, remortage, additional fees from HA, etc. but we'll see. They are going back to the original solicitor. We'll see what needs to happen and costs before deciding whether my son needs a separate solicitor.