Transfer of Equity Question

[Homemover]

My wife owns 60% of her home as the product of divorce, with her ex owning the other 40%. He is buying her out of her share and we are using the proceeds to buy a home of her own.

He has told my wife that in order to proceed with his mortgage application she needs to sign over the deeds to him before anything else happens. To me it seems that it should be the final step of the transaction. Can anyone offer any advice to clear this up?

[Amethyst]

You should get a solicitor to sort out the transfer of equity to ensure you have an agreement regards the consideration to be paid for the transfer. If you shop around you should find a conveyancing solicitor able to deal with it for under £500. As a starting point possibly try https://www.irwinmitchell.com/person...sfer-of-equity to get an idea but they are likely to be top end price wise.

[Homemover]

Thank you, that was my feeling. We had discussed representation with the solicitor acting on our new house purchase, but we were told we didn't really need representation on this side of the transaction. The only question I had is on this deeds issue. I think somewhere down the line there may have been a misunderstanding on his behalf, I just wanted to make sure.

[SAK2020]

In my experience its always best to get legal advice, especially when it comes to complex areas such as transferring equity. Irwin Mitchell are very good as suggested above but certainly are top end price wise. My experience with this firm has been positive on the property related matters I've instructed them on to date. Hope it you find the answers you're looking for!

[pindorialaw]

If you own a property with someone else, you might end up wanting to transfer all the right and full ownership to either yourself or your partner. There are a lot of moving parts here that come into play. Make sure all the terms and conditions are very clear between your wife and her ex-husband concerning their property. The deed will be signed at a given point, but make sure this is done with your lawyer present at that very moment. It can be done before or after the divorce, depending on when it is convenient. Even if it is after the divorce, there is nothing wrong.

More than the paperwork, it is more about the surrounding implications to the entire situation at the time of transferring equity to someone else. Make sure, if they had a mortgage, then the conditions on the deed must specify these details and whatever is discussed between the two parties must be communicated clearly to each other with the help of their lawyers regarding the property, the deed, and the mortgage, if any. Because you cannot change the names on the deed without changing the names on the mortgage documents. It is best to discuss this with your property lawyers and communicate all the details about the property very clearly. Contact us today https://www.pindorialaw.com/property-solicitors/