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Transfer of ownership

6 replies

user1863859752 · 03/11/2021 08:21

P and I are separating, I currently own the house solely in my name but he is going to buy it off me and I will buy a new house for me and child. Can I do a transfer of ownership, or is it like a regular sale? How does it all work? This is my first owned house so I have not sold before.
Also what is the estimated timescale for completion as I don't want to look at a new house until I have my deposit from the sale. House is currently mortgaged which will be paid off upon completion.
Thanks

OP posts:
FedUpAtHomeTroels · 03/11/2021 16:55

I bought our house off my mother, we still needed a solicitor each to make sure it was all legally done and handle the money side of it. But no estate agents and their fees were involved.

Bettybantz · 03/11/2021 16:58

Yes you can, but are you married? It makes a difference as if you are, your house will be classed as a second home until you are divorced and you could be liable for high stamp duty. We were able to get round it by a declaration through the solicitor.
I think it took about six weeks from memory

moanymyrtle · 03/11/2021 17:09

Just a solicitor I did it through the bank as wanted keep same mortgage. I used their suggested solicitor and everything was done online. My ex didn’t use a solicitor just signed the form transferring ownership and he had to go into the bank with id.

crimsonlake · 03/11/2021 17:30

You could do it yourself I think it is a TR1 form you download, however to make sure it is watertight I would use a solicitor.

NewlySingle2021 · 03/11/2021 17:43

We recently did a Transfer of Equity after our split. I did look into doing it myself but seemed a lot of hassle and I wanted to be sure it was all accurate so used a local solicitor. Like anything do get a range of quotes as the legal fees quoted to me ranged from £350-£1000!

user1863859752 · 03/11/2021 21:54

Thanks everyone, no not married. I need to get the money for this sale so I can look to buy a new house and am conscious that if it will take a long time I need to get it sorted. I will use a solicitor to ensure it is all correct

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