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Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialise in UK and Irish Law. I am not always online but rest assured if I do not respond immediately I will respond when I return.
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Adding someone to the house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to the home. By filing the quitclaim deed, your mother can add you to the title of your home, in effect transferring a share of ownership.If your mother has an existing mortgage on the home, simply adding you without the mortgage company’s knowledge may violate the mortgage terms and your mother will still remain responsible for the mortgage payments.
Your mother can transfer ownership of your home through a transfer of equity. This is where a share of equity is transferred to one or multiple people, but the original owner stays on the title deeds.
You’ll need a Conveyancing Solicitor to complete the legal requirements for the transfer of equity. These include Land Registry forms and charges. They'll also be able to advise you on the best options for you during your transfer.
To find a local solicitor within your area, please visit the following website: https://solicitors.lawsociety.org.uk
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Legal fees are usually relatively inexpensive. There is some disparity between different conveyancing solicitor firms, however, with fees typically ranging from £250 to £750 plus VAT.In some circumstances, the 'transferor' (the person giving a share in the property), and the 'transferee' (the person receiving the share) will need separate legal representation - meaning additional legal fees.Other costs include:
Identity (ID) checks Disbursement £9 per party TT Charges (if applicable) Disbursement £20 - £40 HM Land Registry (HMLR) Disbursement £20 - £455 Search indemnity insurance Disbursement £50 - £150 Leasehold (freeholder consent) Disbursement £0 - £250 Stamp Duty Land Tax (SDLT) Disbursement 0% to 15% of the 'chargeable consideration'
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Yes, that is correct. Most lenders will typically allow you to remortgage to a new deal 6 months after your name is ***** ***** the title deeds, so you won't be able to release equity for at least 6 months. If you wait 6 months, you'll have a better selection of remortgage products with variable or fixed rate deals.
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