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Category: UK Law
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When getting a transfer of equity is it necessary to have land

Resolved Question:

When getting a transfer of equity is it necessary to have land searches carried out despite having all these done when the property was originaly bought? What is the average cost for a transfer of equity service?
Submitted: 4 years ago.
Category: UK Law
Expert:  Thomas replied 4 years ago.

Hi,

 

Is there a mortgage on the property?

 

Kind regards,

 

 

Tom

Customer: replied 4 years ago.
Yes there is a mortgage on the property which I will be taking on. I have an agreement in principle with my current mortgage company. I am taking the equity from my ex partner who I originally bought the property with. She has told me she is prepared to sign it over to me at no cost, are there any other legalities I need to think about in this situation?
Expert:  Thomas replied 4 years ago.

Hi,

 

Yes, you will require searches. If you didn't have a mortgage then it would be your decision to make.

 

As you have a mortgage it's the prerogative of the lender and they will ask that searches are done to double check the value of the security (charge) they hold over the property.

 

Legal fees for dealing with transfers of equity should be in the region of £300-450.00 + vat.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.


Kind regards,

 

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6524
Experience: BA (Hons), PgDip, Practising Solicitor
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