Transfer of Equity

[Valecia_Cho]

I'm transferring my share of a mortgage to my brother and there's a part of the paper work that needs me to write a letter saying that if I still intend to stay in the property then I need to write my own letter stating fully why. When it comes down to it, I want to move somewhere else one day. Also, I'm due for some medical procedures and don't want the looming dread of evicted whilst recovering from surgery.

How much detail should I put in this letter and how long should it be?

I also need to get a solicitor/legal representative to write a cover letter and certify passport and bank statement photocopies. Is this something that has to be arranged in advanced with a solicitor company or can I just walk in? Is it really £7-£10? Can I just walk into my bank to sort this out? If I have to go to a solicitor firm then how much will I end up paying (doubtful it'll just be £7-£10)? How do I know the solicitor is above board.

Anything I should know about before signing anything? It's my first time doing something like this and I feel like I'm groping around in the dark. I'm tempted to just go into one of the firms up the road from me, just walk in and get them to help me sort this out and be done.

 

[Longterminvestor]

I am intrigued by your situation, may I ask who owns the other share of the property/mortgage? I presume they would need to agree that you can live in the property, rent-free?

 

[FWL]

While the cost of the legal covering letter seems relatively cheap, this may well be the case to tempt you in as a potential customer of the future.

What is the current shareholder structure of the property? What level of mortgage are you transferring over and who is responsible for the additional mortgage element?

 

[Longterminvestor]

"Anything I should know about before signing anything? It's my first time doing something like this and I feel like I'm groping around in the dark. I'm tempted to just go into one of the firms up the road from me, just walk in and get them to help me sort this out and be done."

If you lack the experience I would approach a professional. These things can come back to bite you on the backside. Also, if you take advice then you are dealing arms length with your brother which should reduce fallout/pressure on your relationship. You never know how these things might pan out!

 

[realdeals]

I would back up the advice about taking professional guidance. While we don't have enough detail to give you any real incisive comments, this sounds like a situation which could get very complicated if you make any mistakes with the paperwork.