transfer of equity/deeds no solicitor

smcross

Is Transfer of Equity the same as transfer of deeds?

Ex hubby and i have two houses. No money changing hands. He is giving me family home, I'm giving him second property (fair split as I have the kids)
I have been offered a mortgage in principle.

My question is We can do the Transfer of Deeds without a solicitor (except ID Verified by solicitor only). Do I need a transfer of equity as well? My mortgage company asked for my solicitor details, but I don't have one. Would the transfer of deeds be enough?

Thanks

G_M

The mortgage lender will require a solicitor to check the Transfer details and place the Charge on the property, so there is no point not using them for the entire transaction.

smcross

Oh that's really annoying as I've done all the Transfer of Deeds forms myself, all ready to go.
Please explain what 'Charge on the house' means. Also is Transfer of Deeds same as Transfer of Equity?
Thank you for your advise.

G_M

If you've done the forms, you must presumably have got the Title from the Land Registry? So you'll have noticed "C Charges Register".


This is where the mortgage is registered.


Transfer of Deeds refers to changing the name of the registered owner from A to B.


Transfer of Equity refers to changing ownership of the money tied up in the property.

Tiglet2

Are you and your ex hubby both named on the title deeds of both properties?

Transfer of Equity is where you are taking one owner off the title or adding a new person onto the title, but keeping one of the original owners on the title.

Transfer of Deeds is like a sale. Transferring the ownership from the current registered proprietor(s) to someone else.

smcross

Thank you Tiglet 2 that makes perfect sense. x