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DIY transfer of equity from joint names into single name

My ex-wife and I bought a property together in 2006, on which there was a mortgage, which still exists with a small outstanding balance.  We divorced in 2014, but I continued to pay the mortgage as it was our children’s home; this payment arrangement ended in 2017, whereupon she assumed the responsibility to pay the mortgage.  She still lives in the property with our youngest child.

She has been doing some will planning recently and to facilitate this, so the property may be passed to our children according to her will alone, I want to rescind my technical share of the property so that she owns it in her sole name.  She has been dealing with a solicitor who quoted an extravagant fee for what seems to be a matter of form filling.  Her solicitor recommended to her that I appoint one too.

Is there some simpler/cheaper way to accomplish this as I want to pass whatever title I have in the property to my ex-wife without any strings?  That’s all.


Comments

  • DE_612183
    DE_612183 Posts: 3,394 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The possible issue could be that the mortgage is still in joint names regardless of what personal arrangement you have.
  • user1977
    user1977 Posts: 17,292 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    If there's still to be a mortgage after the transfer (not clear from your post), the lender will require a solicitor to look after their interests - which effectively means the solicitor may as well deal with the transfer of equity too.
  • MEM62
    MEM62 Posts: 5,238 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    A joint mortgage but a transfer to one party might not be an issue.  After, all, the lender will still have two people on the hook. However, if you are viewed as having a beneficial interest in the house and effectively 'gift' this to your ex you could be facing a CGT issue. 
  • To user1977: thanks.  Yes, as far as I know, she wishes to continue to hold the mortgage in her sole name

    To MEM62: thanks.  I guess I don't understand what role CGT has when I'm giving away any rights and benefits to the other existing joint holder.
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