Transfer of equity - can't figure out the legal/accountancy services we need

HaveIt

Hi all,

I'm currently a guarantor and pay 50% of the mortgage on the property my partner and I live in. We have a joint buyer, sole proprietor mortgage.

For various reasons we now want to do a transfer of equity and make us equal owners.

The mortgage company are fine with it as I'm already fully on the mortgage. They just need a small fee to complete the TR1 form.

Where I'm a bit confused is to what professional services we actually need to complete the transfer of equity.

Firstly, we of course need a solicitor to be instructed by my partner. I totally understand the need to ensure the correct process is followed and that there aren't issues with coercive control or anything shady like that.

Where I'm unsure is whether I need to pay a solicitor. Is there actually anything for them to do? I'd rather avoid paying hundreds of pounds for very little.

But if not a solicitor, do I need to pay a tax accountant to complete a SDLT payment or something? I assume I need to pay SDLT on the beneficial interest in the property I'll be gaining (50% of the outstanding mortgage?). Or is this something I can do myself?

Thanks for any advice. I've had some very different replies from solicitors and accountants - it's way more complicated than it needs to be!

HaveIt

Just bumping this for the Monday crew! Thanks.

silvercar

You could work out the SDLT yourself, or post here or on the tax board.

Please confirm whether you are actually married or in civil partnership, as that makes a difference to SDLT. Also whether you are in England, W, S or NI?

The money saving way is to marry, no SDLT on transfers between spouses.

HaveIt

silvercar said:

You could work out the SDLT yourself, or post here or on the tax board.

Please confirm whether you are actually married or in civil partnership, as that makes a difference to SDLT. Also whether you are in England, W, S or NI?

The money saving way is to marry, no SDLT on transfers between spouses.

Thank you for replying!

Not married. Engaged, but have a baby on the way which has taken precedence. 

We’re in England. 

I’d be happy to do the SDLT myself. Which would mean we only need a solicitor on her side, I believe?

silvercar

You both need to instruct a solicitor together. That solicitor may think she should have independent legal advice, if that is so, they can usually arrange for another partner to provide this.

You may have had to do similar when you took out the mortgage, to ensure you understood the risk of being on the mortgage but not the deeds.

HaveIt

They’ve all said she needs to instruct her own solicitor, which makes sense. 

The bit I’m struggling with is the hundreds of pounds for me to have a solicitor - there doesn’t appear to be anything for them to do. But if that’s the way it has to be, so be it!

Thank you again - very much appreciated.