The process of transferring a house from joint to sole ownership usually occurs after a separation or divorce, but it can also apply to family members who do not wish to be co-owners of the same house. Whatever the reason behind your decision, our mortgage solicitor in London can make sure that the process is carried out correctly.
Saracens Solicitors will take care of all the paperwork required for the transfer and explain each step of the procedure clearly. The transfer of a property into sole ownership is not a complex procedure, but it can be quite confusing. Your mortgage solicitor in London will guide you through every step of the process leading to the registration of the changed ownership at the Land Registry.
Sole ownership transfer after a divorce
If you are getting a divorce and you have decided to transfer your house into sole ownership, there are things that you should consider carefully in advance. If you co-own the house with your partner, an agreement must be reached in advance and this agreement has to be legally recognised. Alternatively, you can sell the house and divide the profits. If you are not interested in this solution and you want to achieve sole ownership, then you have to take legal action. Even if your partner moves out and stops contributing to mortgage payments, their ownership rights do not simply vanish. They might appear after years and claim ownership, and although a mortgage solicitor in London will fight for your best interests, chances are that you will lose some money in the process.
To transfer a joint ownership property to sole ownership, it is essential for all parties to sign the transfer deed and register it with the Land Registry. People who are interested in becoming the sole owner of the property can buy out the share of their ex-spouse or siblings, or reach a different type of agreement. A transfer deed is essential for the process to move forward. If the property is mortgaged, then this will either need to be repaid in full, or the lender will need to give their consent.