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Transfer of Equity

Transfer of equity (sometimes referred to as property transfer or transfer of property ownership) is the term used to describe the process of adding an individual to or removing them from the title deeds of a property or changing the percentage of ownership. The transfer of equity effectively alters the official owners of the property

There are a number of reasons why you might wish to organise a transfer of equity. It could be that you:

Have recently married and would like to add your spouse to the property’s deeds
Have remarried and would like your new spouse to replace a previous spouse on the property’s deeds - which would also involve the removal of your previous spouse
Have divorced and would like to be removed from the ownership of the property
Co-own a property with a friend, relative or business partner and would like to adjust the percentage of ownership
Would like to buy out the shares in the property of someone you currently co-own the property with
Would like to pass down ownership of the property to your child or grandchild

There are a lot of moving parts involved in the transfer of equity, with various parties involved - including the two or more property owners (or the owners-to-be), mortgage providers, and solicitors. While the majority of transactions are relatively quick and simple, others can be lengthy, especially if any unexpected issues arise that need to be dealt with.

By making sure you have an experienced team of solicitors who specialise in conveyancing transactions to help and support you along the way, you’re much more likely to enjoy a simple and straightforward transfer of equity.

Here at Bell Lamb Joynson Solicitors, we have a large, specialist team of conveyancers who handle various property transactions on a daily basis, including transfer of equity requests.

We offer a full service and can assist you with your transaction from the very start, all the way through to completion. We can set up a meeting or a phone call with you to discuss your wants and needs and to provide expert advice and suggestions.

If you decide to instruct us to work on your case, we’ll get the ball rolling and will manage every step of your transfer of equity transaction, including:

A review of the title or property deeds
Liaising with all parties involved
Requesting consent from mortgage providers, where necessary
Organising the transfer deeds
Registering the transfer with the Land Registry
Organising the payment of any tax due

Get in touch with our transfer of equity solicitors in Liverpool, Runcorn and Warrington

You can obtain an instant fixed fee quote online in just 60 seconds. This is a no obligation quote, so you don’t have to move forwards with us, but we hope it helps you decide about whether we will be the right solicitors to act for you.

You can also contact us directly via our website, call 03444 124348, or drop into one of our offices in Liverpool, Runcorn or Warrington where we will be happy to assist you further.

How transfer of equity works

Once you have decided which transfer of equity solicitor you would like to work with and have instructed them to manage your transfer of equity, your conveyancer will request a recognised and authorised copy of the title for the property.

Once your conveyancer has received a copy of the property title, they will review this and confirm the identity of the clients and of the property owners, all before making a start on preparing the transfer deeds.

When reviewing the title deeds, your transfer of equity solicitor will also confirm whether or not a mortgage is currently in place on the property. If there is no mortgage, the process can move on to the signature stage. This is where all parties involved (including the existing and future property owners) review and sign the transfer deed, with a witness present to oversee the signing of the documents.

Once the transfer deed is signed, your conveyancer will register the transfer with the Land Registry and will organise the payment of any Stamp Duty Land Tax due.

If there happens to be a mortgage in place on the property, your conveyancer will be required to seek permission from the mortgage provider before the transfer of equity can move forward. This is so that your mortgage provider can carry out the necessary checks to ensure the new owner will be able to make the future monthly repayments on the property.

If your mortgage provider is satisfied, the transfer of equity can continue, though in some cases, they may request certain changes to be made to the terms of the transfer.

If your mortgage provider rejects the application, you will be required to pay off any and all repayments before the transfer of equity can take place. Alternatively, you may be able to remortgage with a provider who will accept the transfer of ownership.

How much does transfer of equity cost?

There is no set cost for transfer of equity transactions – the amount you will be required to pay depending on various components, including:

The value of the property
Whether the property is freehold or leasehold
Whether a mortgage is currently in place
Whether you are choosing to add, remove or replace an individual on the property deeds
The amount of tax that will be due on completion of the transfer
Any service fees and transfer fees required

Here at Bell Lamb & Joynson Solicitors, we endeavour to provide an honest and upfront service, through and through, and that includes our transparent pricing system.

We will discuss your property and your current situation in detail with you, before providing a comprehensive overview of any fees and charges you are likely to incur throughout your transaction.

There will be no nasty surprises and our competitive fees will ensure you receive a quality level of service for a reasonable cost.

Find out more about our expert conveyancing services as well as our instant conveyancing quote feature, here.

Get in touch with our transfer of equity solicitors in Liverpool, Runcorn and Warrington

You can also contact us directly via our website, call 03444 124348, or drop into one of our offices in Liverpool, Runcorn or Warrington where we will be happy to assist you further.