Transfer of Equity and Remortgage

andcob

Hi all,
I'm looking for some advice on a transfer of equity on an ex-marital home. As part of the divorce consent order, my ex is taking over the sole ownership and this will involve her having to remortgage to a new provider (Natwest), in her sole name, with the previous mortgage (Halifax) in our joint names ending. The deeds title will have to be changed into her sole name and she has engaged with a solictor to arrange this. As a result we have both returned the signed TR1 form to agree the transfer - this now lies with her solicitor.

I would like to know the process and timescales of this and keen to hear from anyone that has had a similar experience, or is in the "know" with this process? I'm eager to purchase a new property, but not able to, until I'm released from this previous mortgage on that house. Will Natwest be able to release funds and confirm ex's new mortgage before the Land Registry has processed and confirmed the title change? I.e can her Solicitors send the transfer documents to Land Registry after completion and release of Natwest funds? (and my subsequent removal from the outgoing mortgage with Halifax).
I'm just conscious that this title transfer could delay the whole process by months if Natwest insist on the title change registration taking place in advance.

Has anyone any experience of this that can shed some light?

Many thanks

MovingForwards

Title change application cannot be submitted until the funds have been released and sent to wherever they are going.

andcob

MovingForwards said:

Title change application cannot be submitted until the funds have been released and sent to wherever they are going.

Thanks for your comment, appreciated.
So in this case, its actually the mortgage funds from the new lender which get released first, and sent to the outgoing lender, before the title change is registered at LR? This would be a better situation for me, if so.

S_K

Hi All
Need some advice and hope this is the correct forum.

I am remortgaging my property, value of the property has been determined as 321k and mortgage required is 246k. The current mortgage is only in my name, I want to add my wife onto the land register (via transfer of equity as joint tenants) and the remortgage.

Wife is not paying me any money. Please tell me will we need to pay stamp duty for this transfer of equity?

Thanks in advance