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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34133
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I currently own a house with my sister - 50:50. I

Customer Question

Hi,
I currently own a house with my sister - 50:50.
I am selling my share of the property for £200k to her.
From a legal perspective what is involved, what do I need to do?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** I shall do my best to help you.Is the price agreed and is there a mortgage involved?
Customer: replied 1 year ago.

Yes there is a mortgage of approx £420k.

We've agreed she will buy me out at £200k

Expert:  Clare replied 1 year ago.
Have the mortgage company agreed to release you from the mortgage?
Customer: replied 1 year ago.

Yes - the mortgage is up for renewal so have allowed us to do this and also pay off a chunk of it off.

Expert:  Clare replied 1 year ago.
HiAre you changing Mortgage provider?
Customer: replied 1 year ago.

yes

Expert:  Clare replied 1 year ago.
Then the solicitor who is dealing with the new mortgage can also deal with the transfer into sole name of your sister.You will need to sign a TR1 and an IDI form - the first transfers ownership and the second confirms your identityI hope that this is of assistance - please ask if you need further details
Customer: replied 1 year ago.

What are the costs associated with doing this?

Is it a long process?

Expert:  Clare replied 1 year ago.
I am just in a meeting at the moment but will respond soon. Sorry for the inconvenience.
Expert:  Clare replied 1 year ago.
My apologiesIt is not a long process and it should not cost more than the usual cost of a remortgage

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