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Transfer of Equity Solicitors
Our Transfer of Equity Solicitors are here to assist you in changing the ownership structure of your property, whether due to a change in personal circumstances, tax planning, or refinancing. We provide expert legal guidance throughout the process, ensuring all paperwork and legal requirements are handled efficiently. Our team offers clear advice on your options and helps you navigate the complexities involved, whether you’re adding or removing someone from your property’s title. Trust us to manage your transfer of equity smoothly and securely. Get a no-obligation quote from our online calculator to get started.
“Asad was appointed to take care of my sale and provided a very good service for me under quite difficult circumstances, as he also needed to deal with the transfer of my existing tenants to the new owner. I would be more than happy to use Leonard’s again based on my experience.”
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Transfer of Equity Solicitors for Changing Title Deeds
The transfer of equity is the legal process of changing the ownership of a property, typically by adding or removing someone from the title deeds. This can occur for various reasons, such as divorce, marriage, or gifting part of a property. Our transfer of equity solicitors ensures that all paperwork is correctly handled, legal risks are minimised, and the appropriate consents are obtained, especially when dealing with mortgage companies or tax liabilities. We also provide tailored advice based on individual circumstances, such as the impact of divorce, cohabitation, or inheritance planning on the transfer.
If you’re considering transferring the equity of a property and you have some questions, you can speak to one of our transfer of equity solicitors by calling 023 8023 4433 during office hours. Alternatively, if you’d like to learn about our fees, please obtain a no-obligation conveyancing quote from our online calculator.
In addition to the advice from our Transfer of Equity Solicitors, you may also find these resources useful:
Our Transfer of Equity Conveyancing Process
01
We verify your identity
Before we can begin the work, we will need to make sure you and the other party have the right identification. This is to coincide with our checks on the property.
02
We obtain the official copy of the Title Deeds
So that we can start the transfer process, your transfer of equity solicitor will check an official copy of the title for the property. This is to check for any restrictions on the property, and whether there is a mortgage.
03
We draft a Transfer Deed
We will then prepare the transfer documents and draft a transfer deed, ready to be signed.
04
We obtain third-party consent
If you have an existing mortgage on the property, we will need to obtain their consent to proceed with the transfer. Our transfer of equity solicitors will liaise with your mortgage lender as they may need to be party to the transfer deed.
05
You sign the Final Deed
Once we have finalised all the paperwork, all you need to do now is sign it with an independent witness.
06
We notify the Land Registry
To complete your transfer, you transfer of equity solicitor will submit the details of your transfer deed to Land Registry. Please be aware, that depending on the value of your property, a fee between £50 to £1000 is payable to HM Land Registry. You can find the exact cost here.
FAQ’s
What is equity?
Equity is simply the value of the property which you or another party owns. If you own a property outright, then you have full equity of the property. However, if you have an existing mortgage on the property, then the equity is the value of the property minus the amount of the mortgage outstanding.
How long does a Transfer of Equity take?
This can vary from transaction to transaction. However, a simple transfer will usually take around 4-6 weeks to complete.
If you have a current mortgage on the property, the transfer will always take longer because you will need to wait for written consent from the mortgage lender.
Additionally, if the transaction is part of a wider dispute in divorce proceedings, the transfer can be held up until a remedy has been issued by the Courts. Our Transfer of Equity Solicitors have access to our experts in family law, and some are even multi-skilled. This means we can provide you with comprehensive advice on both matters.
Will I have to pay Stamp Duty Land Tax (SDLT)?
This will usually depend on the type of transfer, i.e., whether there is monetary value in exchange, or if you transfer a share into a property following marriage, civil partnership, or co-habiting. Of course, the value of the transfer is another factor if you are a receiving in the transaction. If the value exceeds the threshold, an SDLT fee will be included in your quote from our online calculator.
