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Transfer of Equity
jonkinsley
Posts: 3 Newbie
I'm hoping someone can help. I've recently approached a conveyancer regarding adding myself to the deeds of my wifes home, but the costs quoted seem to be spiralling out of control. IN light of this I checked what exactly needs to be done and whether or not I can do it myself.
It would appear that all I need to do is contact the mortgage company (£45k owing on £250k home) to inform them and then amend the land registry through government gateway for around £200. This seems much easier than the £800 I have been quoted. Or am i missing something?
Your help would be greatly appreciated.
It would appear that all I need to do is contact the mortgage company (£45k owing on £250k home) to inform them and then amend the land registry through government gateway for around £200. This seems much easier than the £800 I have been quoted. Or am i missing something?
Your help would be greatly appreciated.
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Comments
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jonkinsley wrote: »I'm hoping someone can help. I've recently approached a conveyancer regarding adding myself to the deeds of my wifes home, but the costs quoted seem to be spiralling out of control. IN light of this I checked what exactly needs to be done and whether or not I can do it myself.
It would appear that all I need to do is contact the mortgage company (£45k owing on £250k home) to inform them and then amend the land registry through government gateway for around £200. This seems much easier than the £800 I have been quoted. Or am i missing something?
Your help would be greatly appreciated.
Do you think that the mortgage lender is going to be happy adding you to the deeds of the property whilst the mortgage secured against the property is solely in your wife's name?0 -
Both of new need to sign a Transfer of Equity from the lender also take out a new mortgage as doubtfully you can be added to the existing mortgage - but you can ask.
You may need to pay stamp duty and legal fees.0 -
What gave you the idea that all you need to do is "inform" the lender? (and I'm not sure why you would be informing them anyway given it's your wife's account)jonkinsley wrote: »It would appear that all I need to do is contact the mortgage company (£45k owing on £250k home) to inform them and then amend the land registry through government gateway for around £200.
The lender will need solicitors, and you / your wife will be paying for that at the very least. Whether you also seek legal advice (possibly from the same solicitor) is up to you.0 -
It wouldnt be myself calling to add myself to the mortgage, but we were hoping that I could simply be added to the mortgage if half of the equity in the house was transferred to myself? Would that not be the process?
We are hoping to remortgage anyway, but we are unsure as to whether we have to transfer the equity first or find the mortgage etc first?
Thanks all for your help so far0 -
foxy-stoat wrote: »Both of new need to sign a Transfer of Equity from the lender also take out a new mortgage as doubtfully you can be added to the existing mortgage - but you can ask.
You may need to pay stamp duty and legal fees.
I don't believe we would have to pay stamp duty as the value of the mortgage is only £45000 which is way below the £125000 bracket.0 -
You find the mortgage first, the transfer of equity would be done by the solicitors simultaneously with the remortgage. You don't DIY it.jonkinsley wrote: »It wouldnt be myself calling to add myself to the mortgage, but we were hoping that I could simply be added to the mortgage if half of the equity in the house was transferred to myself? Would that not be the process?
We are hoping to remortgage anyway, but we are unsure as to whether we have to transfer the equity first or find the mortgage etc first?0
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