Transfer of Equity Solicitor

What is a transfer of equity?

A transfer of equity changes who legally owns a property. You might add a partner to the ownership of your home, remove a former partner after a separation, or transfer a share to a family member. The property is not sold on the open market: only the owners change.

Do both parties need a solicitor?

Not always. In some cases I can act for everyone involved, but only where the professional rules allow it and there is no conflict between you. If someone needs separate advice, for example a person being removed from the ownership, I tell you at the start.

What happens to the mortgage?

If there is a mortgage, the lender usually has to agree to the change, and may check that the owners after the transfer can afford the payments. I deal with the lender for you.

If a new mortgage is needed, I can act for the lender as well. An additional fee applies, shown on the Fees page.

Do you pay stamp duty on a transfer of equity?

Sometimes. Stamp duty land tax can be payable if the person receiving a share pays money for it or takes on part of the mortgage. Some transfers, such as those made because of a divorce or the end of a civil partnership, are exempt. I check the position and, where a return is needed, I submit it. I explain the process, but I do not give tax advice.

Can you do a transfer of equity yourself?

Where there is no mortgage, it is possible to apply to HM Land Registry yourself. Where there is a mortgage, the lender will usually require a solicitor or conveyancer to deal with the transfer.

How long does a transfer of equity take?

As an estimate, 4 to 8 weeks. This is an estimate, not a promise. It often depends on how quickly the lender gives its consent.

How it works

1. You tell me who owns the property now, who will own it afterwards, and whether there is a mortgage.
2. I send you a fixed-fee quote and tell you which firm will act for you.
3. Identity checks and documents are handled online.
4. I prepare the transfer deed, deal with the lender and check the stamp duty position.
5. Everyone signs online, or by post where that is needed, and I register the change at HM Land Registry.

Fees

My fixed fees for a transfer of equity, including the fee for each additional new owner, are on the Fees page, shown plus VAT and including VAT.