Partner buying me out of property
Discussion
After separating last year, and plenty of wrangling. My ex partner is buying me out of the house we owned together. We have agreed a payout amount for me that allows her to afford a mortgage and me to buy something else.
I have tried to look into this but I can't seem to find a straight answer! She is paying the conveyancing fees, do I also need to pay conveyancing fees as well?
I have tried to look into this but I can't seem to find a straight answer! She is paying the conveyancing fees, do I also need to pay conveyancing fees as well?
No - one solicitor will do the transfer. It's a simple job.
I did similar recently but for tax reasons. I gave my flat to my partner. Free. My (good) solicitor (doesn't sell himself as a "conveyencer") charged me £300 for the transaction as it's a simple. We both rocked up, signed the paperwork, job done. All yours has to do "extra" is either witness, or manage the fund transfer/mortgage payment too.
Later when we sold the flat she simply gave me the money - though that's irrelevent to you.
One caveat is that he might need to do the searches again for the new mortgage lender (if there is one) but they cost very little in the grand scheme of things.
Certainly can't see a reason for two solicitors unless there is animosity involved. Sounds like you have everything agreed already.
I did similar recently but for tax reasons. I gave my flat to my partner. Free. My (good) solicitor (doesn't sell himself as a "conveyencer") charged me £300 for the transaction as it's a simple. We both rocked up, signed the paperwork, job done. All yours has to do "extra" is either witness, or manage the fund transfer/mortgage payment too.
Later when we sold the flat she simply gave me the money - though that's irrelevent to you.
One caveat is that he might need to do the searches again for the new mortgage lender (if there is one) but they cost very little in the grand scheme of things.
Certainly can't see a reason for two solicitors unless there is animosity involved. Sounds like you have everything agreed already.
Edited by Griffith4ever on Friday 23 January 09:33
Similar thing for me. She organised a solicitor and they sent me a letter with some paperwork to transfer the deeds at the land registry.
The letter suggested I took legal advise from a solicitor.
However, the letter said that I would, at least, need to use a solicitor or conveyencer to prove my identity on the form they sent me. I did this and it cost £60.
When I looked in to it, it would have been possible to use a different form and get someone like your doctor or dentist to sign. As they only sent me the first form (and I didn't want to bother doctor /dentist), I just went with that.
The letter suggested I took legal advise from a solicitor.
However, the letter said that I would, at least, need to use a solicitor or conveyencer to prove my identity on the form they sent me. I did this and it cost £60.
When I looked in to it, it would have been possible to use a different form and get someone like your doctor or dentist to sign. As they only sent me the first form (and I didn't want to bother doctor /dentist), I just went with that.
My ex has told me that she will give me a form/letter agreeing the amount of money due to me and also confirming I am happy to come off the deeds and I need to send this to a solicitor who needs to confirm receipt?
Thank you for everyone giving help and advice, I have tried to look it up but the information is so confusing and is very biased in the way if being the 'buyer out' rather than the 'bought out'
Thank you for everyone giving help and advice, I have tried to look it up but the information is so confusing and is very biased in the way if being the 'buyer out' rather than the 'bought out'
Curiously I went through the same thing (although i was buying from her)
I HAD to have my own conveyancer of her solicitor would not proceed.
The thing that annoyed me the most was having to pay stamp duty on the piece of the property I was buying from her... Even though we'd paid stamp duty 2 years before. Hey ho... a cost worth paying to be rid!
I HAD to have my own conveyancer of her solicitor would not proceed.
The thing that annoyed me the most was having to pay stamp duty on the piece of the property I was buying from her... Even though we'd paid stamp duty 2 years before. Hey ho... a cost worth paying to be rid!
When I bought my ex-wife out 12 years ago, we assumed we could just use one solicitor and send the money myself by bank transfer, but we were forced to use separate solicitors, and to go through the full process of due diligence as if it was a transaction between strangers. The two firms of lawyers even handled the money transfer. It all dragged on for weeks.
Granadier said:
When I bought my ex-wife out 12 years ago, we assumed we could just use one solicitor and send the money myself by bank transfer, but we were forced to use separate solicitors, and to go through the full process of due diligence as if it was a transaction between strangers. The two firms of lawyers even handled the money transfer. It all dragged on for weeks.
Yep, exactly this. Never did work out why when in was all perfectly amicably and we were all singing off the same song sheet.Yellow Lizud said:
Granadier said:
When I bought my ex-wife out 12 years ago, we assumed we could just use one solicitor and send the money myself by bank transfer, but we were forced to use separate solicitors, and to go through the full process of due diligence as if it was a transaction between strangers. The two firms of lawyers even handled the money transfer. It all dragged on for weeks.
Yep, exactly this. Never did work out why when in was all perfectly amicably and we were all singing off the same song sheet.Lawyers are going to lawyer, but given the sums involved in a house transaction? They have a code of practice and absolutely need to cover their backs for insurance purposes.
Griffith4ever said:
No - one solicitor will do the transfer. It's a simple job.
I did similar recently but for tax reasons. I gave my flat to my partner. Free. My (good) solicitor (doesn't sell himself as a "conveyencer") charged me £300 for the transaction as it's a simple. We both rocked up, signed the paperwork, job done. All yours has to do "extra" is either witness, or manage the fund transfer/mortgage payment too.
Later when we sold the flat she simply gave me the money - though that's irrelevent to you.
One caveat is that he might need to do the searches again for the new mortgage lender (if there is one) but they cost very little in the grand scheme of things.
Certainly can't see a reason for two solicitors unless there is animosity involved. Sounds like you have everything agreed already.
I’m assuming this was perfectly legal but to a layman it sounds iffy as hell. I did similar recently but for tax reasons. I gave my flat to my partner. Free. My (good) solicitor (doesn't sell himself as a "conveyencer") charged me £300 for the transaction as it's a simple. We both rocked up, signed the paperwork, job done. All yours has to do "extra" is either witness, or manage the fund transfer/mortgage payment too.
Later when we sold the flat she simply gave me the money - though that's irrelevent to you.
One caveat is that he might need to do the searches again for the new mortgage lender (if there is one) but they cost very little in the grand scheme of things.
Certainly can't see a reason for two solicitors unless there is animosity involved. Sounds like you have everything agreed already.
Edited by Griffith4ever on Friday 23 January 09:33
The0perator said:
NeilPot said:
If you have a joint mortgage it s possible to change to take one of you off, as opposed to redeeming the mortgage and risking early payment penalties.
Pressume op wants to release some equity in the house though?Cfnteabag said:
My ex has told me that she will give me a form/letter agreeing the amount of money due to me and also confirming I am happy to come off the deeds and I need to send this to a solicitor who needs to confirm receipt?
Thank you for everyone giving help and advice, I have tried to look it up but the information is so confusing and is very biased in the way if being the 'buyer out' rather than the 'bought out'
You need to get your own advice. A solicitor won’t be “confirming receipt” whatever that is meant to mean.Thank you for everyone giving help and advice, I have tried to look it up but the information is so confusing and is very biased in the way if being the 'buyer out' rather than the 'bought out'
You have said there has previously been wrangling.
You need to ensure your interests are protected before you waive your rights and allow your ex to take your house.
Your own solicitor will be engaged by you to advise you of your rights and will have a professional indemnity insurance you can claim against if anything goes wrong.
OP. Ask each solicitors what is involved and included in their fees. Plus what checks they may need to do and the associated cost of them.
Ask each solicitor this and get the quotes. My friend used a mediator and the fees for their entire divorce were about £2k. Crazy.
But each situation is different. Also clarify whether the firms you are talking to are solicitors or conveyancers. They are not the same (although often framed to be).
Ask each solicitor this and get the quotes. My friend used a mediator and the fees for their entire divorce were about £2k. Crazy.
But each situation is different. Also clarify whether the firms you are talking to are solicitors or conveyancers. They are not the same (although often framed to be).
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