Transfer of Equity Solicitors
The process of transferring equity to someone else is relatively straightforward, however, it is a legal transaction and so seeking advice from a specialist conveyancing solicitor is vital.
What is a transfer of equity?
A transfer of equity is the legal process of adding or removing a person from the ownership (title deeds) of a property. It could be that you are creating a co-owner, removing a name or transferring the ownership entirely.
There are various life events which may result in the want or need to transfer equity. The most common is where a couple are separating and one partner wants to stay in the home, meaning the ownership needs to be transferred to them. Another popular reason for transferring equity is where the home owners want to give ownership or part ownership to their grown-up child.
Our transfer of equity expertise
Our expert property solicitors can provide all the legal advice you need if you want to make changes to the ownership of a property. We will guide you through the process and carry out the work necessary to amend the title deeds and liaise with your mortgage lender and other parties to approve the transfer.
What is the process for transferring equity?
Legally transferring ownership from one party to another involves adding or removing a name from the title deeds. A specialist conveyancing solicitor will need to do this as it involves checking the current title deeds, preparing the relevant legal documents and ensuring that all parties, including your mortgage lender and the Land Registry, agree. In some cases, you will also need to pay Stamp Duty Land Tax (SDLT).
The process starts with the solicitor of the person staying in the property preparing a Transfer Deed to reflect the parties’ wishes. This is then sent to the person who is being removed to approve and sign. Once all parties agree and sign the Deed and all relevant mortgage lender requirements (if applicable) have been met, a completion date can be set. On completion, any consideration (money changing hands will be paid over) and stamp duty will be paid, and a Stamp Duty Land Tax return will be filed with HMRC.
Your solicitor then files the signed Transfer Deed and sends it to the Land Registry, subject to all the relevant checks being carried out.
How long does it take to transfer equity?
The length of time depends on how long it takes for your mortgage lender to assess eligibility (if there is no mortgage, the process will be quicker). The process also depends on both parties agreeing and signing the Transfer Deed promptly. We give a an estimate of six to eight weeks for a standard transfer of equity, however, this can vary depending on various factors and the level of complexity involved.
Contact our transfer of equity solicitors in Bristol and South Gloucestershire
To speak to our specialist solicitors about a transfer of equity, or any other conveyancing matter, call us on 0117 325 2929. Alternatively, get an instant quote free of charge by using our online conveyancing calculator.