Partner "equity transfer" and going on mortgage and deeds

Edw65

Hello MSE friends
After a bit of advice as my partner has moved in and we are looking for her to put in a substantial equity amount to reduce the existing/take out a new smaller mortgage. We have agreement in principal from existing lender...Solicitor from lender able to deal with transfer for an additional fee. What else do we need to do??
Figures involved:
House worth £325k
Mortgage being reduced to £92k (from circa £168k)Partner putting in £100k existing equity of circa £150k is mine(some of the money used to pay of other loans). Should the % of equity be specified or as its pretty close to 50/50??
Is it neccessary to get additional legal advise or is the lenders (recommended)solicitors role enough. Does it not matter as long as we are both on the deeds and any differing % could be dealt with in wills etc??

Pixie5740

Edw65 wrote: »

Hello MSE friends
After a bit of advice as my partner has moved in and we are looking for her to put in a substantial equity amount to reduce the existing/take out a new smaller mortgage. We have agreement in principal from existing lender...Solicitor from lender able to deal with transfer for an additional fee. What else do we need to do??
Figures involved:
House worth £325k
Mortgage being reduced to £92k (from circa £168k)Partner putting in £100k existing equity of circa £150k is mine(some of the money used to pay of other loans). Should the % of equity be specified or as its pretty close to 50/50??
Is it neccessary to get additional legal advise or is the lenders (recommended)solicitors role enough. Does it not matter as long as we are both on the deeds and any differing % could be dealt with in wills etc??

You should own the property as tenants in common and get a Declaration of Trust drawn up detailing how the equity is split between you and what will happen in the event of a relationship break down. Search the forum there are numerous threads explaining how the differing contributions can be dealt with.