Solicitors fees help

[jimp]

hi, im sure there are some guys with legal knowlage on here.
im looking to out my partner on my mortgage deeds, i belive this is called "transfer of equity", im not wanting to remortgage or lend any more money, i spoke to my lender and they said no problem doing it, obvious credit checks, no change to my mortgage term, and a fee of £150.
i spoke to the solicitor who carried out the work when i bought the house and they quoted £800, i feel this is quite alot, any advice would be welcome, i can forward the email with breakdown of costs if it helps.
cheers jim.

[macdaddymac]

A local solicitor does a free advice surgery might be worth having a look round to see if offered locally

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[ac82]

I did it myself last year with one £15 visit to solicitor to witness some documents. Land registry were very helpful with which forms needed and guidance.

Removing ex wife from deeds was reason and she had to complete one form and have witnessed by a notary public also (she’s in Australia)

There is a small fee to pay to land registry calculated on house and mortgage value.

[David_D]

i spoke to the solicitor who carried out the work when i bought the house and they quoted £800, i feel this is quite alot, any advice would be welcome, i can forward the email with breakdown of costs if it helps.
cheers jim.

No direct knowledge but sounds a lot! How much did he charge for the house purchase, where there is some serious work?

Just sold a house and, from memory, the fee was about £700.

[Devonian]

Transfer of equity used to be around £250 plus VAT a few years back. Would be possibly more now I’d guess. Maybe the way things are in the last couple of years it’s more expensive as they don’t particularly want that work on a stand alone basis.

Simplest thing though is to call a couple and ask for a quote.

[Scepticalist]

Is there not a tax liability incurred on removing a joint mortage holder? I assumed there was as you're gaining (usually) a massive chunk of equity

[Halitosis]

Is there not a tax liability incurred on removing a joint mortage holder? I assumed there was as you're gaining (usually) a massive chunk of equity

There's no CGT if its your primary residence

[Scepticalist]

There's no CGT if its your primary residence

Thanks, just reading up - seems just a small Stamp Duty charge then. Useful to know

[jimp]

hi, this is the quote, i dont want any further cash so not sure what the remortgage fee is for.

Legal Fee £495.00 £99.00
Bank Transfer Fee (if required) £39.00 £0.00
Remortgage Supplement £150.00 £30.00
Case Management Fee £12.00 £2.40

Land Registry Fee (Electronic) £20.00 £0.00
ID Check (per person) £10.00 £2.00
Office Copy Entries £6.00 £0.00
Bankruptcy Search (per buyer) £2.00 £0.40
Pre*Completion search £3.00 £0.60

TRANSFER TOTAL £737.00 £134.40
TOTAL (Inc VAT) £871.40

[SeanST150]

I did this very recently, albeit my situation might be a tad different in that we are married.

Because we are married, and separating, I was NOT liable for any stamp duty.

My property does have a mortgage. And therefore the charge over the property that was granted by me/my wife had to be replaced by a new charge, granted my me solely. There was some legal work involved. The fee I paid wasn't too dissimilar to your quote.

Much will be dependent also, on what your mortgage needs. i.e. they'll be taking comfort from the solicitor (to an extent) all land registry matters are concluded. I've no doubt if the mortgage was unencumbered by a mortgage, the paperwork would be minimal and likely something you could do yourself.

[Troubled_Joe]

That really is steep.

I don’t do conveyancing myself but my firm would charge £450 ish including vat and disbursements.


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