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If your personal situation has changed, you may be considering the property transfer, or to transfer the equity to another. Our services aim to make the process simple; we want to help you understand what will need to be done to successfully complete the processes whilst supporting you throughout.
Property Transfer
Property transfer is the legal process of changing the title deeds of a property to add another individual. For property transfer the conditions must be that the property is not being sold and at least one owner is staying the same.
If you are transferring ownership of a property we can lead you through every stage of the legal process. Keeping you continually informed of the work we do by regular text message updates.
Transfer of Equity
The Transfer of Equity is the legal process of adding or removing an individual from the title deeds of a property and transferring the equity in the property to another. This is often done after divorce, separation or death and means that the equity within a property is transferred to either one, sole owner, another individual, or multiple individuals.
What are Reasons for a Property Transfer or the Transfer of Equity?
There are many reasons to transfer the ownership or equity of a property to another:
- You may be adding a new spouse or partner to co-own your current property.
- You may have separated from a partner and need to alter the property ownership.
- You may be transferring ownership of a property to adult children as part of their inheritance.
There are clear procedures which must be followed when transferring considerable assets such as property and we are here to make that process easy.
Property Transfer/Transfer of Equity Process
The processes are remarkably similar, please read our guide to get to know it better.
- Obtaining the Title Deeds – This is done through the Land Registry for a small fee.
- Reviewing the Title Deeds is the next step. A solicitor will check the property ownership, highlight any planning permission restrictions, and uncover outstanding charges.
- Preparing the Transfer Deed Document is the next step, and a solicitor will do this for you by collecting the required documents.
- Signing the Deed comes next and will be done in a meeting between both parties.
- Notify any mortgage lenders, banks, or building societies as they must give permission in writing for the process to go ahead.
- Pay any fees including taxes, solicitor fees etc.
- Registering the Transfer Deed with the Land Registry is the last step.There are fees include in this which vary. Any fees will be included in our quote.
- Await confirmation of the transfer of ownership/equity.
If you are ready to start the property transferral or transferral of equity process, you request a callback from one of our highly knowledgeable conveyancing solicitors.
What to Consider when Transferring a Property or Transferring Equity
Current Property Ownership
It is important to review the current property ownership before moving ahead with transferring property. This way you can determine, if there are multiple owners, the portion each owner holds and how this will be factored into property transfer. For sole owners, the process is simpler but requires some heavy lifting in terms of paperwork.
Legal Implications
There are several regulations involved with the transferral of property as property law is complex. Contacting solicitors early in the process mitigates any confusion or difficulties and ensures a smooth process.
Financial Implications
There are several financial implications to transferring a property. Including: standard taxes, stamp duty, and, in some cases, capital gains tax. If a property is being transferred to an individual their financial situation must be reviewed to ensure they can afford the running costs of the property. We can advise in this area the best way to keep costs down and avoid paying excessive tax when transferring property.
Home Equity
If one individual is giving up their ownership of a property they must receive their percentage share of equity. Mortgages can complicate this process as you will need permission from the lender before going ahead.
Outstanding Mortgages
When somebody is added to the title deed, they become liable for the mortgage and running costs of the house. The mortgage lender may need to see identification and to understand more about the individual(s) joining the title deed’s financial situation.
Transfer Deeds
To transfer a property, the transfer deed is a vital document in the property transfer process. It legally documents the change of ownership and must be signed by both parties. These are also sometimes known as a deed of gift or deed of transfer. A transfer deed is compiled and created by a solicitor with experience in this area.
Registering the Change of Ownership
Once executed, the transfer deed must be registered with the land registry or government authority. This makes sure that the change of ownership is legally recognised, and the new owner/s are listed on the property title. There are costs associated with registering changes with the Land Registry.
Our Property Transfer/Transfer of Equity Service
We cover every detail with microscopic attention-to-detail so you can rest-assured that the property transfer process will be simple and fast. From your first initial chat with us to ongoing support and regular text communications, our service is unbeatable.
Fixed Fee Services
In some cases, it will be possible to complete the property or equity transfer process for a fixed fee. In other, more complicated cases, fees may vary. You can find out more about our conveyancing fees on our property transfer fee pricing page.
Additional Services
Speak with Expert Conveyancing Solicitors
We have been providing excellent conveyancing services since 1976. Driven by our expert solicitors who understand this area of law thoroughly. You speak with them today on 0844 800 9860.
“…a pleasure to work with. Raj gave us expert advice and helped us secure our purchase.” Mohammed, who accessed our Conveyancing service to secure a property. Mohammed was kept in regular contact with by Raj and Vicki, two of our expert conveyancing solicitors.
Our Approach
Property ownership or equity transfer often comes after displeasing life events such as divorce, separation, or bereavement so our solicitors extend a caring hand, using our expertise to help you understand the property transfer process.
In some cases, you may be preparing for to transfer property as inheritance and this we can help with, supporting both you and the individual(s) who will receive the property with expert advice.
Our Work
Our conveyancing solicitors have years of experience completing transfers processes for clients. You will be kept up to date with regular texts and be able to ask any questions you have during the process.
Our Clients
Our property transfer services are open to anybody looking to complete a smooth property transfer. The right helping hand and conveyancing services streamline the process and make it easy to understand.
Property Transfer/Transfer of Equity FAQs
A transfer deed will include details of the property, the current owners, and the new owner (the individual/s being added to the property ownership), the share of the property each party hold or interests in the property. It can also include the property’s title information, any covenants and other relevant information.
Equity refers to the value of the property, less the amount still owed on a mortgage. For example, if a house were worth £350,000 and the amount owed is £100,000 you would have an equity of £250,000.
