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Thomas
Thomas, Solicitor
Category: Property Law
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Experience:  UK solicitor holding an England and Wales practising Certificate.
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I recently paid off my term partners mortgage of which half

Resolved Question:

Hi
I recently paid off my long term partners mortgage of which half the original borrowed amount was outstanding. We agree that I can have a half share in the house and my name on the deeds. Im happy to do this myself via the HMLR website as I believe it is just a few forms to complete. Would you recommend this and if so which forms I require and have you any advice for me on this matter. FYI the house if valued around £160K and I have a property which is also mortgage free which I rent out,
Thanks
Submitted: 9 months ago.
Category: Property Law
Expert:  Thomas replied 9 months ago.

Hi

Thanks for your question. I will try to help.

Technically, there is no legal requirement to instruct a solicitor to arrange the transfer and registration of the transfer at Land Registry. However, there may be elements relating to your particular personal circumstances or the land registry registered title for the property which dictates that it would be prudent to instruct a solicitor. It should cost around £250-300 for a solicitor to do this for you.

If you have paid half the mortgage off and are effectively being transferred half the equity in the property as a result, then the transfer should probably list the amount you paid off the mortgage as the “consideration” for the transfer. This would mean that you would also have to submit a stamp duty SDLT1 form to HMRC and receive an HMRC SDLT5 in return after you have paid any stamp duty due (if you have paid off about £80k). The SDLT5 will also have to be submitted with your land registry AP1 applicaton

If you still wish to proceed in view of this then you can arrange it yourselves if you wish

You can download a copy of the register for your property from the land registry's search engine to find the title number :-

https://eservices.landregistry.gov.uk/www/wps/portal/!ut/p/b1/04_Sj9CPykssy0xPLMnMz0vMAfGjzOKNjSxMDA1NjDwsjM3MDTxN3dyNDUNMjQ1MjPWDU_P0C7IdFQG9k5Tz/

Enter the postcode for your property and if it is registered it will give you the option to download a copy of the register.

You will have to draft a Transfer (form TR1) from your partner to you and your partner together (which you will both have to sign as a deed (ie. witnessed) and you can download the template form from the land registry's website. You will have to submit this to the land registry with their form AP1, this is also downloadable from the website

by selecting from the "Forms" tab:-

https://www.gov.uk/government/collections/land-registry-forms

You will probably have some questions on completing the form but the land registry's customer support service are very helpful to lay persons. A fee will be required and you can also ask them about that.

You will both also have to download an ID1 form from the above for each of you. Complete this then take it to a solicitor to certify for £10 and submit this with your AP1 application.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back. Please remember to leave positive feedback using the stars at the top of the page.

Kind regards,

Tom

Expert:  Thomas replied 9 months ago.

Apologies, if you have paid off £80k then I meant to state that there would not be any stamp duty payable but you would still have to submit the SDLT1 form to HMRC and receive their SDLT5 in return.,.

Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7591
Experience: UK solicitor holding an England and Wales practising Certificate.
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