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Anyone know about transfer of equity?

(4 Posts)
aleC4 Sat 21-Jan-17 09:54:10

Stbexh left me in August. We agreed without solicitors on child contact, maintenance etc and agreed that I would remain in the family home, remortgage and buy him out.
We agreed on a rough figure he would get depending on what I could borrow.
Finally this week my mortgage has been approved and I have received endless pages of paperwork from the solicitor to complete.
I duly filled it in and returned it.
Now this morning I have received a letter from them saying if there is a transfer of equity I need to instruct a solicitor to do the conveyancing work. I don't even know what this means. The solicitor I have doing the completion on the mortgage was instructed by my mortgage broker and I thought they would just deal with everything.
Have I been really naive? I thought it would go like this: remortgage leaves me with a sum of money left over. I use some of this to pay off a loan we jointly have and give ex his money. Whatever is left is mine due to the mortgage being less now than when I started this long process 4 months ago!

Arcadia Sat 21-Jan-17 10:40:52

It is a fairly simple process of completing a TR1 form with the land registry to transfer it from joint names to your sole name. You don't necessarily need a solicitor but the form should should be signed by both of you and witnessed. A solicitor would probably charge around £200 but you could try ringing the land registry. Start by googling tr1 land registry.

Arcadia Sat 21-Jan-17 10:42:56

aliceinwanderland Sat 21-Jan-17 11:06:14

In these circumstances the bank will probably want to know that your husband has had independent legal advice. You are effectively selling the property from both of you to you alone. So youll need a solicitor or legal exec. Your husband will probably also need a short conversation with another lawyer. Won't take long if you have agreed the basics. I wouldn't recommend trying to do it yourself.

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