Transfer of equity - removing name from deeds !!!

Clipaldinhio

Hi. Can someone please help me.

I am married but seperated from my wife 7 months ago and moved out of out jointly owned home (joint tenancy, mortgage in both names).

My wife has stayed in the home and has agreed a figure to buy me out of the house. She has obtained a re-mortgage with a new mortgage company in just her name. It's all amicable and neither of us wants to get solicitors involved (the marriage was short and there are no children involved)

We have now reached the point where for her new mortgage to go through she needs me to be removed from the deeds of the house.

I thought this was relatively straight forward but am getting lots of conflicting advice. Generally people say use a solicitor on websites I have read to do a "transfer of equity". I have been quoted £600 for this.

Then I read elsewhere that you can just file a TR1 with the land registry and that will do it. Rang the land registry helpline and a confused adviser said it's difficult and I should get a solictor.

Can't I just do this myself and save all that money ? Or is it really so complicated that this is not an option.

Please help....really frustrated. !

Thanks

eamon

In principle its a similar process to buying a house. You could do it yourself and self manage the conveyancing. However unless you are well prepared to do the research, work etc then I'd recommend using a solicitor or licensed conveyancer. It is a lot of money.

I went through a similar scenario earlier on this year and the process cost approx £500.

Best of luck

Eamon

jill2002

your wife's solicitor will do the transfer of names on the deeds - usually for an extra fee of about £200 + VAT whilst they are doing the remortgage. However they will advise you to get your own independent solicitor, but you don't have to if you are happy with the deal you've got out of it - you just have to sign with your wife's solicitor. Your wife's remortgage will not be able to be completed until your name is off the deeds.