Whether you are looking to gift your property to loved ones, adjust your property ownership or remove someone from your title deeds, we’re here to help with your transfer of equity.
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Transfer of equity with BHW Conveyancing
At BHW Conveyancing, our team of experienced conveyancing solicitors are here to simplify the process of an equity transfer and provide you with the peace of mind that your best interests are our priority.
What is the meaning of transfer of equity?
A transfer of equity is where the legal ownership of a property is transferred to someone else, or where someone is removed as an owner of the property. The title deeds of the property are changed to reflect the new ownership situation. Usually at least one of the original owners of the property remains the same and so there is no sale of the property.
You may transfer equity to include a new partner or family member on the title deeds, or to remove someone like an ex-partner during a divorce. You may decide to adjust ownership percentages, like changing from 50-50 ownership to 70-30, or buy out a co-owner. Additionally, you could transfer equity to children or family members as a gift.
At BHW Conveyancing, we have the dedication, experience, and specialisation to facilitate a successful equity transfer, safeguarding your interests throughout the process.
What is the process for a transfer of equity?
Once you have decided that you want to do a transfer of equity, the next step is to instruct a reliable equity transfer solicitor. The first thing they will request is a copy of the title deeds from the Land Registry which they will review to check the legal listed owners and whether there is a mortgage, restrictions or debts attached to the property. They will also do checks on the identity of those involved in the equity transfer.
If there is a mortgage on the property, your conveyancing solicitor will need to ensure that the mortgage lender gives their approval for the change in property ownership. The lender may run credit checks and assess the ability of the remaining mortgage holders to keep up with the mortgage repayments.
In certain circumstances, such as a matrimonial split where one party is often taking equity out of the property, it may be necessary to obtain a valuation of the property to calculate the current market value to ensure that the correct amount of money is being transferred. The valuation could be completed by an estate agent or chartered surveyor.
The next step is for your solicitor to complete the relevant equity transfer documentation including the TR1 form which is the transfer deed. You will be asked to sign the transfer deed once you confirm you agree with the equity transfer, along with all other parties involved and an independent witness. Then, the documentation will be submitted to the Land Registry. A fee will be payable to the Land Registry which starts from £50 and may increase depending on the property value. Your solicitor will be able to advise you further on the costs involved.
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What to expect from BHW Conveyancing
At BHW Conveyancing, we have the dedication, experience, and specialisation to facilitate a successful equity transfer, safeguarding your interests throughout the process. We’ll handle all the complexities and paperwork involved so that you can relax knowing that your transaction is in our experienced hands. We’ll conduct a comprehensive review of all relevant documents, ensuring you fully understand the terms and conditions involved in the equity transfer process.
Client satisfaction is our top priority and we work hard to make sure that our equity transfer service ticks all of your boxes. We focus on quality, communication and attention to detail.
To view BHW’s costs guide visit our pricing page.
Contact our conveyancing team
BHW Conveyancing is part of BHW Solicitors Limited, which is one of the leading property law firms in Leicestershire and the wider East Midlands. BHW is a top ranked real estate firm in the East Midlands by the Legal 500, as well as being ranked in the Chambers & Partners legal industry guide.
We hold the Conveyancing Quality Scheme (CQS) accreditation and have been awarded the Lexcel quality standard by the Law Society. This recognises our impeccable standards of competence, risk management and client care practices.
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Frequently asked questions
Yes, you can do an equity transfer as a way of gifting part of your home to a loved one by putting them as a named legal owner of the property. However, you should always seek independent tax advice before gifting any equity in your property.
A transfer of equity for a property follows a specific legal process that typically requires the involvement of a solicitor. A solicitor is essential to ensure that all legal obligations are met. The complexity of a transfer can vary. If it’s a simple change in property ownership structure, it may seem straightforward, but the involvement of a solicitor is still highly recommended, especially in cases where co-owners have different financial interests, or when there are potential complications.