Transfer of equity - two solicitors needed?

espritlibre87

My ex partner and I are in the process of transferring my share of the equity on our property into his name. There is money involved (e.g. he is buying my share for an agreed amount) and the transfer is amicable. I am aware the process requires a solicitor - my question is, do we both need one? Yes, I know that it is useful to have my own to protect my own interests etc, but is it essential i.e. can we only proceed if both parties are legally represented, or can this be done with just his solicitor? As there are no disputes between us I would prefer to share the legal fees for one solicitor than each of us have to pay separately for our own.

Hope that makes sense! Thanks in advance for your advice.

velocity_girl

I did just this a month or so ago and there was only one solicitor involved, as we had agreed everything in advance between us. They sent the usual caveat of 'you may wish to take independent legal advice' and 'if a potential conflict arises, we will have to cease acting on behalf of one or both of you'. But there were no issues.

[Deleted User]

I'm doing this! My solicitors have send the ex an ID1 form to fill in which he's most annoyed about! He needs to go into a Licenced Conveyencor or get a solicitor to check his form. He's annoyed that it might cost him even though I've paid £300 so far it's not like he's doing me a favour i should add he's the departing party.

davidmcn

espritlibre87 wrote: »

I am aware the process requires a solicitor

It doesn't, so it certainly doesn't require two. Though if there's a mortgage lender involved, they'll want a solicitor.

espritlibre87

Thanks all for your responses - we are now progressing without a second solicitor and I will use the Land Registry office to countersign my ID1.

However my ex has now said he's been told it's a legal requirement for me to have moved out of the property at the point of the equity being transferred. Obviously my intention is to move out anyway, but I've not come across anything that states I have to vacate immediately (we were drawing up a tenancy agreement in the short term while I find a new place). I can't secure a new mortgage until my name is off the deeds of this one, so I can't see how it can be statutory for me to have moved out? Again I would be very grateful for advice on this one!