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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7615
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I live in a ground floor maisonette with my partner, I would

Customer Question

I live in a ground floor maisonette with my partner, I would like to add my partners name to the property deeds. what would be the cost of doing this and how long would it take.
Submitted: 4 years ago.
Category: Property Law
Expert:  Thomas replied 4 years ago.
Hi,

Do you own a long leasehold interest rather than a simply residential assured shorthold tenancy?

Is there a mortgage on the property?

Tom
Customer: replied 4 years ago.


hello tom, my property has a 999 year lease agreement with the upstairs property, there is no morgage or monies owing on the property

Expert:  Thomas replied 4 years ago.
Ok.

Why do you wish to add your partner's names to the title please?

It's not a paper exercise, she will actually obtian the interest in the property that you transfer to her..

Tom
Customer: replied 4 years ago.


tom, I need her name on the deeds as i am applying for equity release

Expert:  Thomas replied 4 years ago.
Have you instructed a solicitor to act for you in the equity release?

Tom
Customer: replied 4 years ago.


tom, I have not moved on the issue yet as i would like to know the cost or your advice. john.

Expert:  Thomas replied 4 years ago.
Hi

Thanks for your patience.

If there is no mortgage on the property then you can either get your solicitor to do it for you during the pre-contract stage of the equity release or you can do it yourself.

However, if she is going on the title to the property then she will presumed to have a 50% interest in the equity UNLESS you execute a declaration of trust declaring your specific percentages in it. A declaration of trust should be prepared by a solicitor so I would get them to do it during the pre-contract stage.

A solicitor should charge around £250+VAT for the transfer itself. However, if you are getting an equity release and they are also required to act on the equity release then you may be able to get a reduction on the transfer element it.

There will be a bit of variance around. Ask your equity release lender if they require you to instruct a solicitor, if they do approach local property firms and shop around.

If they do not but do require your partner to be on the title then you can either do yourself or phone around for the best fees.

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Kind regards,


Tom
Expert:  Thomas replied 4 years ago.
Is there any further information you require?

I just want to ensure that you are satisfied, so please let me know if you have any further queries on your position. Please remember to rate my answer, if you are satisfied.

Kind regards,


Tom

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