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Transfer of Equity & Remortgage
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fastbs
Posts: 177 Forumite

Hi all,
Currently going through the transfer of equity process so I can be removed from the property I currently own with a friend. My friend is adding their partner to the property in place of me and I am buying my own place.
My friend has had a remortgage offer with the new partner before xmas and we have both signed the transfer deeds etc. (again before Xmas) which my friends solicitor have. (I am receiving money for the transfer which was all agreed and stated in the transfer docs etc.)
I am really not sure what we are waiting for now... I am ready to exchange on my property but can’t until the transfer has complete and I have received my money. My friends solicitors stated last week that they will be able to advise of a completion date soon, but this still hasn’t happened and I’m not too sure what we are waiting for or what else needs to be done for the transfer to get to completion now..
Any thoughts on how much longer we could be waiting or if we should expect anything else? I really am unsure of why it’s taking so long!
Currently going through the transfer of equity process so I can be removed from the property I currently own with a friend. My friend is adding their partner to the property in place of me and I am buying my own place.
My friend has had a remortgage offer with the new partner before xmas and we have both signed the transfer deeds etc. (again before Xmas) which my friends solicitor have. (I am receiving money for the transfer which was all agreed and stated in the transfer docs etc.)
I am really not sure what we are waiting for now... I am ready to exchange on my property but can’t until the transfer has complete and I have received my money. My friends solicitors stated last week that they will be able to advise of a completion date soon, but this still hasn’t happened and I’m not too sure what we are waiting for or what else needs to be done for the transfer to get to completion now..
Any thoughts on how much longer we could be waiting or if we should expect anything else? I really am unsure of why it’s taking so long!
Thanks in advance!
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Comments
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This feels like a question that only your friend or the solicitor they are using can answer...Are you sure the 'remortgage offer' was actually an offer, not just an agreement in principle?1
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MWT said:This feels like a question that only your friend or the solicitor they are using can answer...Are you sure the 'remortgage offer' was actually an offer, not just an agreement in principle?
Yes definitely an offer, they applied at the start of November and had the offer by mid Dec, inc. letter through the post etc. Their solicitors have confirmed they have their offer and the transfer deeds back but then just say they can advise of a date shortly and we are ‘very close to completion’.
How far in advance do they have to give the completion date? The fact that we don’t even have one yet worries me that we’re going to be waiting a while, when I’m unsure what is left to be done.0 -
I would ask your friend to get a clear answer from the solicitor on exactly what they are waiting for if they don't already know.1
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Thank you, they have chased them again.
in regards to the completion date, do you know how far this has to be given in advance? Or can the solicitors tell you for example a few days before?0 -
The completion date can be set at very short notice if all parties are agreeable.From the sound of things you should be able to agree a date a couple of days out if you need to and all parties agree.1
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