Change of Ownership - Property

[michelle-w]

I got divorced some years ago and had to put my father onto my mortgage and deeds when I took my then husband off as I was unable to borrow the amount of money on my salary alone.

I'm now remortgaging and need to remove my father and add my partner and would like to know what I have to do and how much it's likely to cost.

[michelle-w]

I thought it would be quite simple too, however, they are now saying that's its going to cost approx £800 when I was originally told by my mortgage advisor that it should be about £150 + VAT... slight change and I don't think everything they've stated as necessary is.

[humpy07]

It will have to be dealt with as a remortgage and transfer. Depending on which Solicitor you use, they may try and bill you for three transactions. As well as dealing with drawing down the new mortgage and redeeming the existing one, the solicitors will also have to draft two sets of transfer documents, one to remove your father's interest in the property and one to add your new partners details. When I was acting as a conveyancer, I would have looked to charge approx £450.00 +VAT for the re-mortgage and £150.00 + VAT for each transfer, so £800 sounds reasonable if VAT is included.

[michelle-w]

Thanks for your answer. The £800 doesn't include the remortgage costs as these are included within the mortgage deal I found. The £800 costs are puurely for the Change of Onwership from my dad to my partner.

[Eve]

Should only need one transfer from father and poster to poster and partner with the transfer deed and new mortgage deed then registered to change the title.

Potentially no redemption or further drawdown if same lender, there will be if not so maybe a little more if a new lender.

I'd say it would be possible to find someone to do the simple transfer for as low as £150.00 - £250.00 plus VAT though more if drawdown and redemption is involved but not much. I'd say £250.00 to £350.00.

I'd definitely ring around as there are plenty of cheap conveyancing firms about these days. Make sure you get a full breakdown though as the initial cheap fees on the websites often contain hidden extras which bump up the cost.

Father should get independant legal advice (or at least be advised he should) as he is disposing of his interest for, I assume, no money? Could be an extra cost there, you would have to check whether solicitors would be happy to act for you on all this basis.

Depending on any new lender's requirements it may be searches or search indemnity insurance is needed and there will be Land Registry search and registration fees and possibly TT fees.