Transfer of Equity timescales

mozza54

Has anybody gone through this recently as mine seems to be really dragging along? Bearing in mind our Mortgage provider says it should be 4 - 6 weeks and im about 7 weeks in and still think theres things to be done.

For reference, I'm being taken off the mortgage following a split from my wife. Shes keeping the house and taking over the mortgage on her own and theres no financial settlement or re-mortgage, its simply a case of take me off the deeds and Mortgage. Its all been agreed by the Mortgage lender and shes instructed a solicitor. She has sent her ID's and done some initial paperwork, Ive done my ID1 and signed the TR1 which I believe then needs to go to her to sign.. how much more could there be to do and how long should I expect to have to wait after thats done?

Bit of a pain as Im trying to buy a new home which the builder set a date of this week to exchange on.. They knew this might happen but its not helping my stress as I've no idea how much more there is to do and cant chase anyone as the application and legal bit isnt in my name so cant speak to anyone but the ex for updates.

Thrugelmir

mozza54 wrote: »

Bit of a pain as Im trying to buy a new home which the builder set a date of this week to exchange on..

I'm sure that they'll be flexible for a few days. Why is it delaying your purchase? If there's no money transfer involved.

mozza54

Thrugelmir wrote: »

I'm sure that they'll be flexible for a few days. Why is it delaying your purchase? If there's no money transfer involved.

I can't exchange until the transfer of equity completed on my old property. The builders are being ok about it I'm just concerned it might drag on a bit so was interested to see how long it took others.

AnotherJoe

Thrugelmir wrote: »

I'm sure that they'll be flexible for a few days. Why is it delaying your purchase? If there's no money transfer involved.

At a guess because teh OP will have a mortgage on the new build and he cannot get the new mortgage unless he's off the old one.

Thrugelmir

AnotherJoe wrote: »

At a guess because teh OP will have a mortgage on the new build and he cannot get the new mortgage unless he's off the old one.

To be at the point of exchange. Mortgage will have been offered already.

mozza54

On the purchase side, everything is just about done. Mortgage offer and searches are done and ive paid the deposit to the solicitors but as youve mentioned, I cant formally exchange until I complete the transfer from my old house.

Im hoping the builders see that ive done everything and sent the deposit as a sign of good faith/commitment on the purchase but otherwise, the transfer side is just taking some time so im interested to know how other people found the experience, how long did it take from start to finish and from the point where Ive completed the TR1.. as a rough idea, how much longer should it take?

As you can imagine, im trying to get updates and keep the builders up to speed, again, to keep them happy that im not stalling on purpose.. all getting a bit tight in terms of deadlines.

mozza54

Lizzielou1205 wrote: »

I'm in exactly the same situation and would be interested. TR1 for the transfer of my old property completely signs and ready to exchange on my new property with sellers who are becoming increasingly nervous that I can't yet. Hope it happens soon....

Your a step ahead of me lol, the TR1 should be with my Ex anytime now and hopefully she will get it back to the Sols asap. How long has it taken for you to get to this point?

mozza54

Lizzielou1205 wrote: »

About 3 months, it's taking forever but apparently it goes quick from here! My (limited) understanding is that Rene lender now reviews the TR1 and then releases the funds....

How are you getting on with yours, have you had much movement on the process?

For me, the TR1 has just landed at my Ex-wifes house (just shy of a week after I handed it back to her sols.. less than impressed with that) so Im hoping she will have it back to them this week.

.. Really hoping it speeds up from there. :mad::mad:

KnowledgeIsLife

What will happen once the sols get it back they will submit it to the lender as they will need to seal the TR1 approx 5-7wd give or take depending on lender the solicitor then registers it with land registry once that's done the solicitor will confirm with lender the date the transfer completed and request funds to be released the funds will be released to the sols once requested depending on when they request them for and they send them to you job done hopefully good luck

Angelschild

Any updates on how long the process took in the end?


I'm trying to buy a new place following a separation. I'm at the point of being ready to exchange on my new place, my sols has asked for deposit etc. but I can't complete until I am off the old mortgage on martial home.


No TR1s have arrived with me yet for signing and I'm now super nervous that my seller is going to start getting irritated (I had offer accepted in Feb) and pull out.


If I've another 6-7 weeks to go I think I'll lose the will to live!!