DIY conveyancing

[MamaChocoholic]

My partner's old flat is let out now we live together, and not very saleable. To change the mortgage to buy to let, her earnings need to be assessed and are not sufficient to get a mortgage offer. This is ok, because I am happy to share financial responsibility, but it seems to get the mortgage my name needs to be on the deeds. So, I would like to buy a 1% share. Surely this doesn't need a solicitor? Where do we start with DIY conveyancing on this?

You can't - you used to be able to (you used to be able to buy DIY books on it) but anyone lending money to you will charge to check all your paperwork unless it has been compiled by a qualified and insured person so there will be no saving.

Ah, I guess that makes sense. Thanks.

So... what if I extended the mortgage on our shared home (that is in my name only), and used this to buy out the fraction of the let property that is currently mortgaged? Realising that should work out cheaper than arranging a buy to let. Still not possible to diy?

God, I'm no expert but if you just want to pay off the mortgage on your partner's home so she can let it out, then that's technically straightforward (although you may still need a conveyancer to handle the remortgage). The problem is, you would need to draw up a pretty tight agreement that spelled out that this was a loan (presumably it is and you want the money back at some point) and how that money should be repaid: the amount you loaned as a lump sum; gradually over time with interest; as a proportion of the house's value? I'm sure someone with a legal background could come up with all sorts of other things you should consider before you do this - perhaps repost in Legal Matters and/or Money Matters?

Is it just the cost that puts you off using a solicitor because, if you're thinking about lending or giving your partner thousands of pounds, I think it might well be worth sucking up a few hundred pounds in legal costs for expert advice.

I think we have a plan. She is currently paying over the odds on a SVR + fee for letting, and can't get remortgage as her earnings are too low. I can get a much cheaper mortgage on the house we share, and use this to take a (small) stake in the equity of the rented flat, paying off her mortgage. I think we'd be better off by £150/month, so could save this to pay off the mortgage sooner.

Perhaps best to get a quote from a couple of solicitors for a simple equity transfer, see how much it would really be, before deciding to diy the conveyancing part. Thanks for your advice.