Deed of Transfer

katy_00

Would it be normal course of action that there would be two deeds of transfer when re mortgaging a house, that was shared ownership with the council, to the bank? people dealing in these areas would be aware that there is two deeds of transfer.

nuac

Shared ownership properties are complicated, and also there are some differences in practice between councils.
They are going for more than 25 years, so if you are remortgaging the council may ask that you purchase their interest in the property.

The scheme did not take off into any great volumes, so it is hard to find officials who know all the ins and outs of dealing with them

good luck

katy_00

Thanks for the reply.
I would think it's strange that someone is charged a set professional fee at the outset for the re mortgage which is paid at the time, and then two years later they're contacted and told they owe a further amount of money because solicitors didn't realise that there would be two deeds of transfer with the process and there now needs to be a second one so that deeds can be obtained from the land registry.
I know what you're saying..that it's a complicated process but I would have thought that at the outset of the process the solicitor would be aware that there are two deeds of transfer and that fees agreed at the start cover all of this.