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andyuk2005
Posts: 137 Forumite
Hi all,
I have looked over the guides and threads, but haven't found any queries similar;
My girlfriend owns a flat with a mortgage. Its coming up to remortgage time, and I'll be coming onto it, so we can make improvements, I can own and share and she can release more equity to pay back her dad who helped.
We have been given the thumbs up for a mortgage, and that's all looking good. We were put in contact with a solicitor to assist with the transfer of equity of the property, to include me, but its all looking tricky, and bloody expensive!
Could anyone point me in the right direction for some written guidance of transfer of equity/ownership etc for a situation like this?
I am very much a person who is comfortable and capable of doing some legal work on my own, to avoid unnecessary cost. For example, I comfortably did a relatives Lasting Power of Attorney.
We have spoken to the solicitor regarding this issue and there are all sorts of fees going into the thousands, which gets me wondering what is actually necessary and what can I do myself?
Any help would be much appreciated. Thanks!
I have looked over the guides and threads, but haven't found any queries similar;
My girlfriend owns a flat with a mortgage. Its coming up to remortgage time, and I'll be coming onto it, so we can make improvements, I can own and share and she can release more equity to pay back her dad who helped.
We have been given the thumbs up for a mortgage, and that's all looking good. We were put in contact with a solicitor to assist with the transfer of equity of the property, to include me, but its all looking tricky, and bloody expensive!
Could anyone point me in the right direction for some written guidance of transfer of equity/ownership etc for a situation like this?
I am very much a person who is comfortable and capable of doing some legal work on my own, to avoid unnecessary cost. For example, I comfortably did a relatives Lasting Power of Attorney.
We have spoken to the solicitor regarding this issue and there are all sorts of fees going into the thousands, which gets me wondering what is actually necessary and what can I do myself?
Any help would be much appreciated. Thanks!
0
Comments
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You can do very little yourself, as it has to happen simultaneously with the remortgage. And the solicitors need to know that the transfer of title is effective.
The fees certainly shouldn't be going into the thousands though - have you got a breakdown of what they're quoting? Lenders tend to offer "free legals" for the remortgage itself, and the solicitors can do the transfer of title as a relatively cheap add-on.0 -
There are two aspects to this:
1) transfer of the property Title into joint names. Were it not for 2) below you could do this yourself (form TR1 etc)
2) application of the mortage in joint names. The lender will appoint a solicitor who in addition to doing this will insist on doing 1) above
But you should shop around for a solicitor on the lender's panel who does not charge 'thousands', and make sure you understand exacly how the 'thousands ' is arrived at.0 -
My FTB feed were about a grand, and I was nearly paying £1500 via the advisor.
Doesn’t come cheap.0 -
andyuk2005 wrote: »Hi all,
I have looked over the guides and threads, but haven't found any queries similar;
My girlfriend owns a flat with a mortgage. Its coming up to remortgage time, and I'll be coming onto it, so we can make improvements, I can own and share and she can release more equity to pay back her dad who helped.
We have been given the thumbs up for a mortgage, and that's all looking good. We were put in contact with a solicitor to assist with the transfer of equity of the property, to include me, but its all looking tricky, and bloody expensive!
Could anyone point me in the right direction for some written guidance of transfer of equity/ownership etc for a situation like this?
I am very much a person who is comfortable and capable of doing some legal work on my own, to avoid unnecessary cost. For example, I comfortably did a relatives Lasting Power of Attorney.
We have spoken to the solicitor regarding this issue and there are all sorts of fees going into the thousands, which gets me wondering what is actually necessary and what can I do myself?
Any help would be much appreciated. Thanks!
Helping(not doing) a relative with them doing a LPA is no where close to being comfortable doing legal stuff.0 -
There's far less work involved in a transfer of title than in an arm's length purchase (especially if the lender is contributing to the remortgage side of things).comedyseeker123 wrote: »My FTB feed were about a grand, and I was nearly paying £1500 via the advisor.
Doesn’t come cheap.0 -
What fees are you being quoted.
Might include the SDLT.0 -
AndThere are two aspects to this:
1) transfer of the property Title into joint names. Were it not for 2) below you could do this yourself (form TR1 etc)
2) application of the mortgage in joint names. The lender will appoint a solicitor who in addition to doing this will insist on doing 1) above
But you should shop around for a solicitor on the lender's panel who does not charge 'thousands', and make sure you understand exactly how the 'thousands ' is arrived at.
3) Draw up a deed of trust setting out how you will split the net proceeds between you when you come to sell.0 -
If you are getting free legals from the lender for the basic legal work I csnt see the extra transfer of quity costing more than maybe £250.
What are you bring quoted?0 -
The last solicitors firm I worked for charged about £800 all in for a remortgage and transfer of equity, excluding any SDLT that was applicable. And we weren’t even that competitive!0
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Trex, that seems not unreasonable considering a lot of lenders give £500 cachback instead of free legals. That would mean the transfer of equity would leave them £300 out if pocket.
The ones I refer to if not doing free legals are 299 for remortgage and 300 for transfer of equity.0
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