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Anyone done a 'transfer of equity' diy?

(9 Posts)
todayiamfat Tue 04-Aug-15 09:18:55

I am trying to save a bit of money. I am in the process of divorcing stbxh and he has agreed to sign over the house for me and the dc. I have a mortgage offer from bank etc.

My solicitors have quoted me £700 to change over the deeds to my sole name. I have been doing a bit of searching online. Am i missing something? Can I not just fill in the appropriate forms on the land registry website myself and pay the small fee? I assume ex would also have to sign something? What else do the solicitors do?

Thank you to anyone who can send me a bit of advice. I can't really afford to use £700 unless it is something I can't do myself.

Nanasueathome Tue 04-Aug-15 09:22:06

Really need someone legal to advise
i know my situation was different, but when my husband died I contacted land registry to change property into my sole name and there was no charge for this from them
All simple and straightforward
Not sure how yours would work but £700 seems quite a lot

Alicekeach Tue 04-Aug-15 09:27:52

Suggest you phone your mortgage company and ask them how they feel about someone unqualified doing the conveyancing work.

todayiamfat Tue 04-Aug-15 09:56:25

Ouch, Alice.
But that's what I'm asking really. Surely there isn't any 'work' to be done? No searches or anything like if I was buying this as a 'new' house. Unless there is something more complicated I haven't thought of.

Thank you Nana. I have looked on the land registry site and it looks like a fee would be relatively small. If it is just this form I don't understand the cost involved. I have no objection paying a solicitor to do it for peace of mind, but £700 for this seems steep?

Lonecatwithkitten Tue 04-Aug-15 10:58:06

Ask around for quotes I paid £350 on top of the banks conveyancing for the new mortgage when I did the same thing there were various indemnities that ExH had to complete for both land registry and mortgage company.

Collaborate Tue 04-Aug-15 14:15:42

Your mortgage lender will insist no solicitors I'm afraid. Shop around, but they must be on the lender's panel of approved solicitors otherwise they'll appoint their own second firm and you'll have to pay for them too.

willconcern Tue 04-Aug-15 14:21:55

I did a transfer of equity recently. My solicitor quoted a high amount too. I asked my lender, and they insisted on a solicitor and I used their panel solicitor. I think they just added the cost onto the mortgage, but it was less than £700, which is very steep. Bet your solicitor doesn't really want the work and has priced high to put you off!!

todayiamfat Tue 04-Aug-15 21:48:00

Thanks for the advice. I'll speak to my lender for a list of their panel i think.

Fuckitfay Tue 04-Aug-15 22:10:02

The solicitor who quoted is also quoted for sorting out the mortgage. So as well as doing the transfer they will also act for your mortgage co (I think that firms will be on the panels of most major mortgage cos unless very small sole practitioners). They need to fully investigate the title of the property and ensure that the mortgage company's charge is protected. They will need to certify to the mortgage company that the legal title of the property meets the mortgage co's criteria. And register the charge. So the £700 will almost all be for doing that work for the mortgage co. The completion of the transfer / sending off the form bit also needs to happen simultaneously with the solicitors obtaining the mortgage funds and releasing it to your ex.
Get some preferred names of big firms from your mortgage co as they may be more competitive but you won't get personal service and may find it slow as you will be part of a bulk process type place and will unlikely ever get to speak to "the solicitor" dealing with your case (probably one solicitor overseeing loads of case workers).

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