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Transfer of Equity(5 Posts)
So, my husband and I are separating.
We have agreed that I will stay in the house with our children, and that I will take on the mortgage alone. We have agreed that I don't have to give him any equity until I sell the house in approx. 2 years time, at which time we will split the equity 50%.
However, for me to get a mortgage alone, he needs to be taken off the deeds. For this to happen I need to provide a legal agreement to that effect. Has anyone done this themselves without going through a solicitor?
Any advice appreciated.
I did it through the bank it did involve a solicitor who did the remortgage (I increased it) and the transfer together. I didn’t ever meet the solicitor it was all done via email / online. It wasn’t expensive and the fees can be included in the remortgage figure.
You need to do this through a solicitor/conveyancer. It’s the only way to get him taken off the title unfortunately.
It doesn't have to be done by a solicitor, I have done this myself now on three occasions. It's simply downloading and completing a couple of forms with Land Registry but you do have to attend in person for ID checks etc if not using a solicitor, and both of you have to go so it may be easier to do it through a solicitor. Land Registry are also supremely helpful.
It doesnt necessarily have to be done by a Solicitor - I know of people who have taken a DIY approach to transferring equity and have saved hundreds on Solicitor's fees. The caveat here however is that you need to have a good idea of what you are doing! If you are not familiar with the process then I'd strongly suggest you seek assistance from a Solicitor. Given the sums of money involved you don't want to get into a position where mistakes are made, thereby costing you more in the long run. Whichever approach you decide to adopt I hope it works out! The following is a decent article on the transfer of equity process to give you an in depth understanding should you decide to take a DIY approach! www.elitelawsolicitors.co.uk/the-transfer-of-equity-process
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