Equity Transfer - why so expensive?!

[Bodule]

XH and I are transferring an investment property from joint names to my sole name. There is no mortgage on the property. However, the minimum we have been quoted is £500, and that is by an online company. Is there any cheaper way to do it? Last time we did it (three years ago), it cost £250 + VAT...

We paid £250 2 years ago. I would pop into a local solicitor.

Thanks, Bubbles. I have tried a couple of local ones today, and am still finding them weirdly expensive (upwards of £600). Completely baffling.

£250 would be just over an hours worth of work (at my charging rate at least). How much time do you think you’d like them to spend on your file?

Thank you for replying, Collaborate. Given that we just both need to sign a TR1 form, I wouldn't imagine it would take much time at all! I know it might take a bit longer as it's a leasehold property - but the last transfer we did was also a leasehold property, and the fee was £300 in total...

Leasehold takes a lot longer and solicitors are being very careful to ensure they advise properly as it's a bit of a mine field at the moment. Use a good local solicitor. I absolutely would not under any circumstances use an online service.

It doesn’t need to be a fully qualified solicitor. We did freehold transfer with the trainee. I know leasehold can be more demanding but you don’t need an expensive solicitor for this either.

@Jonb6 Thank you for your advice. I wouldn't use an online solicitor, as I wouldn't trust them!

What baffles me is that the price for 'transfer of equity' is so similar to a complete leasehold conveyancing fee (I am no stranger to all of this, as I own and have sold multiple properties, including leasehold). How TF can 'transfer of equity' (with two agreeable partners) be on a par with a full-blown conveyancing estimate?

However, it is slightly irrelevant, as my normal solicitor has meanwhile capitulated and has revised her estimate from £850 to £400...

Because they still have to advise you fully as negligence can be expensive for all parties.