Statutory Declaration of Solvency

roadweary

Hi,

I'm remortgaging, adding my wife to the mortgage and planning on assigning her 99% of the ownership.

I have to get a Statutory Declaration of Solvency signed and witnessed by a solicitor.  Does anyone know how much they charge for this and if there is anything I have to prepare for it?

Thanks,
R

loubel

Assuming that the declaration has been drafted for you it should be £5  plus £2 for any exhibits attached to it to swear it in front of a solicitor

roadweary

My god - I hope so, I assumed a lot more?

roadweary

My god - I hope so, I assumed a lot more!

dimbo61

https://www.samconveyancing.co.uk/news/conveyancing/declaration-of-solvency-when-gifting-your-house-10026

dimbo61

Not sure what you hope to achieve? 

roadweary

dimbo61 said:

Not sure what you hope to achieve? 

No more than my original post.  I'm required to sign the form provided by the lender's legal firm and it has to be witnessed by a solicitor.  Just checking what I might be asked, and what getting that solictor's time might cost.

eddddy

roadweary said:

dimbo61 said:

Not sure what you hope to achieve? 

No more than my original post.  I'm required to sign the form provided by the lender's legal firm and it has to be witnessed by a solicitor.  Just checking what I might be asked, and what getting that solictor's time might cost.

I'm not sure - but I think @dimbo61 might be wondering what you are hoping to achieve by transferring 99% ownership to your wife.

But obviously, that wasn't part of your question, so you might not want to get into that discussion here.

(And I might have misunderstood @dimbo61's question anyway.)
 

roadweary

eddddy said:

roadweary said:

dimbo61 said:

Not sure what you hope to achieve? 

No more than my original post.  I'm required to sign the form provided by the lender's legal firm and it has to be witnessed by a solicitor.  Just checking what I might be asked, and what getting that solictor's time might cost.

I'm not sure - but I think @dimbo61 might be wondering what you are hoping to achieve by transferring 99% ownership to your wife.

But obviously, that wasn't part of your question, so you might not want to get into that discussion here.

(And I might have misunderstood @dimbo61's question anyway.)
 

Ah, that's fine, nothing nefarious.  With 99% in my wife's name, I'm told that the income from the property will be 99% hers.  She is in a lower tax bracket, so it saves money.

user1977

roadweary said:

dimbo61 said:

Not sure what you hope to achieve? 

No more than my original post.  I'm required to sign the form provided by the lender's legal firm and it has to be witnessed by a solicitor.  Just checking what I might be asked, and what getting that solictor's time might cost.

You won't be asked anything other than whether you're happy to swear whatever the declaration on the form is (if you have doubts about whether you are solvent, you may need more involved advice!). Whoever is witnessing that doesn't need to know anything about the background or your financial position, just that you're signing it in a suitably solemn fashion.

If you want to know what the fee will be, like many other things you'll just need to phone around and ask them, not much point in us speculating - we don't know where you are or the availability of local solicitors. Some will be too busy, others will be happy to pop through to reception and witness something for a fiver, others might do it but for a much higher fee.

dimbo61

Hi Roadweary,
Now  you have revealed a little more information we can full understand your request.
You can own a property in 2 ways
One is joint tenants 50/50 % ownership.
Two Tenants in Common where you can own 80/20 or 90/10 or 99/1%
This is useful  when owning and renting a property