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buying my flat mate out - part ownership - cost of solicitors?
Bionik
Posts: 32 Forumite
Hey everyone,
I am at a very fortunate point where I can buy out my friend who I have owned a flat with for over 4 years.
It is on a part ownership scheme and we currently own 50% of the property. I have spoken with the housing association and their part seems simple. The mortgage I am currently sorting and have been accepted.
But my question lies with the solicitor costs. I spoke with land registry and a nice chap explained that is most likely going to be a lot easier going through a solicitor to ensure everything is completed correctly and efficiently. I spoke with a local solicitors firm who quoted me nearly £1400! I don't know If I am being naive, but I thought it would be a fraction of that cost just to change the name from two to one?
Anyone got any experience with this or can advise If this is the actual cost I will incur? Is there an easier process I can go down?
Any advice will be much appreciated
I am at a very fortunate point where I can buy out my friend who I have owned a flat with for over 4 years.
It is on a part ownership scheme and we currently own 50% of the property. I have spoken with the housing association and their part seems simple. The mortgage I am currently sorting and have been accepted.
But my question lies with the solicitor costs. I spoke with land registry and a nice chap explained that is most likely going to be a lot easier going through a solicitor to ensure everything is completed correctly and efficiently. I spoke with a local solicitors firm who quoted me nearly £1400! I don't know If I am being naive, but I thought it would be a fraction of that cost just to change the name from two to one?
Anyone got any experience with this or can advise If this is the actual cost I will incur? Is there an easier process I can go down?
Any advice will be much appreciated
0
Comments
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Its isn't just 1 name from 2 though is it?
They will have to do all the normal checks, money laundering, stamp duty etc.
It is just a guess that I presume they would need to check your ability to continue solely etc (I may be wrong)0 -
Hey HampshireH,
I understand there are probably a few additional steps involved, but I have been through all of this when we initially purchased the property so to do it again seems so pointless.
In relation to stamp duty, it is nowhere near the cost of having to pay this. the buyout amount is under £10,000 and the threashold for stamp duty is £40,000.
The checks on continuing solely comes down to the mortgage lender surely not?0 -
Maybe to you, but not to the people lending you £X000 for a brand new mortgage.I understand there are probably a few additional steps involved, but I have been through all of this when we initially purchased the property so to do it again seems so pointless.
The current owner (the two of you) is selling to a different owner (just you), if you need a mortgage then you'll have to follow the same procedure as any normal residential property transaction. This means paying a solicitor who has to satisfy the lender as well as yourself.0 -
All that accounted for, though, £1400 is a stupid amount. Get some more quotes.0
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