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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10226
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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As a prelude to separation, my wife has suggested either selling

Resolved Question:

As a prelude to separation, my wife has suggested either selling our house and splitting the proceeds or one partner 'buying out' the other, the seller then moving out.
We are joint owners of our home which has no mortgage.
I favour the latter option. Is this possible in law, would it be complex or expensive and would there be any comeback in the case of eventual divorce?
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry. Please note I am a Conveyancing Solicitor and deal with Matrimonial Conveyancing.

As you have no Mortgage on your property, it is very straightforward for the Deeds to be transferred into the one name, in return for a cash sum. You need to agree between yourselves how much that cash sum will be.

Once agreed, you will both need to instruct separate Solicitors to deal with the Land Registry formalities, which basically is the preparation and signing of the Transfer document, and its registration at the Land Registry. The Solicitor instructed to prepare the Transfer is likely to charge approx £300-£350 plus VAT and there will be a Land Registry fee of £40-£90 depending on the value of the property.

2 points you need to bear in mind, however-

1. Unless the Transfer is part of the divorce settlement (a Consent Order is normally drafted during divorce proceedings, and which is sealed by the Court to confirm what each party is to receive in financial terms, and which can act as a "clean break" document) Stamp Duty will be payable by the party to whom the property is being transferred, if the cash sum payable is over the Stamp Duty threshold, which is £125,000.

2. Without a Consent Order, either party could make a further financial claim against the other in the future. So, if for example once of you wins the lottery or the financial circumstances of one party changes drastically.

Whichever Solicitor acts for you in the Transfer, will be able to refer you to one of his/her Matrimonial colleagues to advise you on the above.

I hope this assists you and answers your question.

Kind Regards

AL

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10226
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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