Remortgage and Transfer of Equity Timescale

HENRY78

Hello all,


Me and my wife have a joint mortgage offer for a property we currently live in with the Halifax (currently mortgage free) this is being used for home improvements


The property is currently in my name only and we have now instructed solicitors to process the Transfer of Equity to add my wife to the house deeds.


My question is how long does this process take? I am getting conflicting answers. My solicitor has said this should take about a month but others have told me 8 weeks which sounds a long time for a relatively straight forward request I would of thought.


Also would the Halifax release the funds before the Land registry has been changed or would they have to wait for it to show on the Land Registry as joint names?


Bit confused.


Thanks

G_M

Land Registry backlogs of work..


Depends on them really.


Not sure why you needa solicitor - submit forms to LR:


* TR1
* AP1
* ID1


far more moneysaving!

HENRY78

Thanks.


We got free legals with the Halifax, so just paying for the cost of the TR1 at about £300.


So Halifax won't release the funds until the Transfer of Equity is completed?


How long do you think the whole process takes? Keen to get cracking really should of got the ball rolling earlier in hindsight.

ethank

Never accept free legals. They generally do not use law firms but conveyancing farms........

You get what you pay for.

davidmcn

HENRY78 wrote: »

So Halifax won't release the funds until the Transfer of Equity is completed?

If somebody else (e.g. yourself) has done the transfer of equity then I wouldn't expect the remortgage conveyancers to be satisfied until registration of it is complete.

Whereas if they do it (as an add-on to their free legals), they'll complete both simultaneously, so you should get the money faster.

HENRY78

Thanks davidmcn.


Have you any idea how long it will take?

davidmcn

HENRY78 wrote: »

Have you any idea how long it will take?

It will take however long remortgages currently take with the conveyancing factory doing the work. The transfer of title isn't necessarily going to add much to the timeframe.

Estimates of "a month" and "8 weeks" are both plausible!

HENRY78

Thanks David. Hopefully it will be closer to a month than 8 Weeks!