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Transfer of equity - can't figure out the legal/accountancy services we need
HaveIt
Posts: 28 Forumite
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!
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!
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