Transfer of Equity between friends / how long does it take / any recommendations for solicitors?

GeorgeRob

Hi all,
I currently own a house with a friend, who is now buying me out as I'm going to be buying a house with my girlfriend. 

We've agreed on a value, my friend has the new mortgage agreement in principal, and now need to appoint a solicitor to sort out the transfer of equity, remove me from the deeds etc. 

Question 1 - do we need two separate solicitors or just one? Is it only when a couple are divorcing etc that two solicitors are needed?
Question 2 - at what point does my friend transfer the money to me? I've heard transfers of equity can take 4 - 8 weeks, but is the money transfer part done at the start, end, middle? 
Question 3 - can anyone recommend a solicitors for this? We're in Manchester, if that helps, but I'm not sure if there's any advantages to appointing a local solicitor, unless you have to go in in person perhaps? 

Thanks in advance for any help! 

Thrugelmir

Your friend has to choose a solicitor from their mortgage lenders panel. No reason why the same solicitor cannot handle the transfer of equity if everything is amicable between you. 

davidmcn

You don't need to have a solicitor acting for you at all - which might be your friend's solicitor's preference rather than start worrying about conflicts of interest.

GeorgeRob

Thrugelmir said:

Your friend has to choose a solicitor from their mortgage lenders panel. No reason why the same solicitor cannot handle the transfer of equity if everything is amicable between you. 

 She spoke to Nationwide, and they said she has to appoint her own, strangely. I thought they'd recommend/suggest one too, but no. 

Great, I thought so, thanks for confirming

GeorgeRob

davidmcn said:

You don't need to have a solicitor acting for you at all - which might be your friend's solicitor's preference rather than start worrying about conflicts of interest.

Ah ok, so she's the one that has to appoint the solicitor? Makes sense now I think about it! Thank you