Transfer of Equity Solicitors
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Conveyancing Solicitors for Transfer of Equity
Our Transfer of Equity Solicitors understand that a joint owner of a property will want to buy out the other for various reasons. Most of the time, we carry out this work following the separation of a couple. However, it is also popular for two or more parties to buy property together, as a way of getting onto the property ladder. Alternatively, you may want to transfer the equity of your property to reduce inheritance tax. Whatever the reason, our experts will focus on your circumstances and provide you with sound advice from start to finish.
If you’re considering transferring the equity of a property and you have some questions, you can speak to one of our Conveyancing Solicitors by calling 023 8023 4433 during office hours. Alternatively, you can receive a no-obligation quote below.
Get an Instant Transfer of Equity Quote
After receiving a quote from our online calculator, our specialist Transfer of Equity Solicitors will be in touch to guide you through the process. If you are happy to instruct us, we will:
- 1)Verify your ID- 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.
- 2)Obtain an official copy of the Title Deeds - So that we can start the transfer process, your conveyancing 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.
- 3)Draft a Transfer Deed- We will then prepare the transfer documents and draft a transfer deed, ready to be signed.
- 4)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 transfer deed.
- 5)Sign the Final Deed- Once we have finalised all the paperwork, all you need to do now is sign it with an independent witness.
- 6)Notify the Land Registry- So that your transfer is complete, your conveyancing 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 just under £1000 is payable to HM Land Registry. You can find out the exact cost here.
In addition to the advice from our Transfer of Equity Solicitors, you may also find these websites useful:
FAQs
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.
FAQs
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.
