Removal of name from deeds
Discussion
I'm thinking of getting my name removed from the jointly owned house with my ex so she can raise some capital via equity release. There is a small mortgage (£15K) which I would need to be redeemed before the transfer I believe. Is this a fairly straight forward action i.e. without stamp duty etc? I'm guessing shouldn't be expensive for a solicitor to complete.
As you say, mortgage needs to be paid off first and wait for the bank's "Restriction" to be removed from your Title. The Restriction is what stops you disposing of the property while any of the mortgage loan is outstanding. You can check your Title on the Land Registry website at any time for a payment of £3. https://www.gov.uk/government/organisations/land-r...
After that you could easily DIY the job by completing the relevant form of transfer and sending it to the Land Registry. All the forms are available on the Land Registry website. You would also need to make an SDLT return (Stamp Duty) but there should be nothing to pay if it's a "gift".
Getting it done by a solicitor or registered conveyancer may save quite a bit of faffing about and should be inexpensive although I hesitate to suggest the likely amount. They will be registered with the authorities and able to do the whole thing online.
N.B. If you want anything to do with the Land Registry make sure you go their official website only (.gov). There's a host of internet scoundrels who look like the Land Registry but are just intermediaries who'll slice a fat fee off you for doing absolutely nothing. Same as the cretins who masquerade around passport and ESTA applications....
After that you could easily DIY the job by completing the relevant form of transfer and sending it to the Land Registry. All the forms are available on the Land Registry website. You would also need to make an SDLT return (Stamp Duty) but there should be nothing to pay if it's a "gift".
Getting it done by a solicitor or registered conveyancer may save quite a bit of faffing about and should be inexpensive although I hesitate to suggest the likely amount. They will be registered with the authorities and able to do the whole thing online.
N.B. If you want anything to do with the Land Registry make sure you go their official website only (.gov). There's a host of internet scoundrels who look like the Land Registry but are just intermediaries who'll slice a fat fee off you for doing absolutely nothing. Same as the cretins who masquerade around passport and ESTA applications....
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