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Hello all - Transfer of Equity

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  • Hello all - Transfer of Equity

    HI all -I'm new and have a major problem which I require help with please.

    By way of background, I got married in 2005 and my partner and I got a mortgage for a three bed semi detached house. The mortgage currently outstanding is £106,300 on a house worth £210,000 (similar houses in the locality are on the market for £230,000).

    I put a £85,000 deposit down on the house, which was money given to me by my mother who had been in an accident and she cannot live by herself (she lives with me now, us at the time). I didn't get a pre nup or anything so effectively my ex could argue half the money is his.

    However, as we are splitting up because he doesn't want to support me through serious illness he is happy to walk away with various elements... my TVR (grr), his xbox, plastic guitars and railway sleepers (don't ask, he's a strange man) but leaving me the house and taking no money.

    I have instructed my solicitor to draft up a consent order detailing the various items that belong to both parties, with the house being mine (and a covenant on me to pay the mortgage/bills). I've also been asked to sign a declaration of solvency which I presume I'm happy to sign, as I am solvent.

    I have filled in all the paperwork for the divorce and the mortgage company are happy to give me a mortgage on my own for the outstanding value.

    I have read that I need a transfer of equity? Is this correct (given the consent order)? How do I go about doing this?

    Is this easy to do myself (i’m solvent barely and haven’t got lots of money for legal fees) or will the consent order be able to help me with the LR in changing the deeds.


    Do I need to do the transfer of equity thingie?
    Is there any liability for payments under stamp duty or any other government tax.
    Do I need to use a solicitor or can I do it myself?

    Thank you very much


  • #2
    Re: Hello all - Transfer of Equity

    You do need to arrange a transfer of equity. I'm not clear whether the existing mortgage is remaining in place or whether you will be remortgaging, but either way the simplest (and probably cheapest) way to deal with it is to instruct a solicitor. It may be that the solicitor dealing with the consent order can do the conveyancing
    This is based on my experience as a conveyancing solicitor in England, but I do not accept liability for information I give in this forum


    • #3
      Re: Hello all - Transfer of Equity

      I agree with Justin N - also if there are mortgages involved the lender(s) will want a solicitor to protect their interests so you will not save a lot by trying to do it yourself.
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.