Transfer of Equity

Whether you want to transfer a property from joint names into a sole name or add a new party onto the Land Registry ownership registers whilst have a timeline to be met, we will seek to achieve that for you! A transfer of equity occurs when one or more property owner(s) sells their share to another co-owner. The process can be incredibly straightforward, as long as everyone involved understands the terms and conditions as well as with the right legal advice.

Equity is the value of your property deducted by the remaining sum of your mortgage.DV solicitors will review the title deeds or property deeds, check the parties’ identity, and prepare the transfer deed for you. We do it seamlessly so you can focus on your next steps in starting or growing your business.

What are the most common situations for a transfer of equity?

Include your spouse in your property’s deed if you have married or remarried

Exclude your ex-partner from the deed if you have divorced/separated
Changing title deeds to include offspring/relatives
Changing the percentage shares owned by the co-owners of a property or buy out a co-owner’s share in the property
Reduce future inheritance tax liabilities or take advantage of personal capital gains limits

What is the process?

Obtain an official copy of the property title, which will be used to check if there are mortgages on the property or any other restrictions that might be involved.
DV solicitors will review the title deeds or property deeds, check the parties’ identity, and prepare the transfer deed for you.

Note: If there are no mortgages on the property, the existing and new owners of the property sign the transfer deed in the presence of a witness and the conveyancer registers the transfer deed at the Land Registry. A stamp duty certificate is needed if the value of the transaction is above £40,000.

If there is a mortgage on the property, the consent of the mortgage lender is needed before proceeding with the transfer because if you are including someone to the title, they will become equally liable for the mortgage. It goes the same way If you are excluding someone from the title, the liability will be passed on to the remaining owners of the property. The remaining owners will be checked by the mortgage lender if they are able to maintain mortgage payments before agreeing to the transfer.

As your conveyancer, we will get in touch with the mortgage lender and request written consent to the transfer. The mortgage lender may want to make amendments to the terms of the mortgage before agreeing. The process can continue once the written consent is received. However, if the mortgage lender did not give their consent for the transfer, you have to repay the mortgage before continuing with the transfer either with a cash payment or acquiring a mortgage with a different lender who approves the transfer.

How much will it cost me?

Our Conveyance Solicitors offer will provide you with a free initial consultation. Leave everything to us as we handle everything hassle-free for you.
Our fees cover all of the work necessary to complete the transfer of equity, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you are interested to buy is in Wales.
DV Solicitors will also be covering extra charges whilst dealing with your transfer. These include online ID checks (£8) and the official copy of the Register of Title from the Land Registry (£3). You will also have to pay a Land Registry fee to register the ownership change. This will cost between £20 and £125 depending on the price bracket your property falls into.

Legal fees: £100 – £500 excluding VAT

How we can help

At DV Solicitors, we like to make the process simple for our clients. Our Conveyancing Solicitors are experts in ensuring the process runs smoothly from beginning to end. Our wealth of experience over many years enables us to assess your case and guide you with the right legal process.

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People rely on us, and we pride ourselves on our client-centered advocacy and representation.

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How to Get in Contact

Please call us on 01234 350 244 or email us at info@dvsolicitors.com for further information and advice about our family visa application services. We will happily provide you with a free initial discussion about your individual circumstances.

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