Transfer of Equity

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Transfer of Equity Solicitors

The legal process of adding or removing an individual from the title deeds of a property is known as a Transfer of Equity. It is distinct from a sale as at least one of the original owners will remain the same, but the complete list of owners will change. 

It is essential to obtain expert advice when transferring equity as it significantly impacts your circumstances and anyone else involved. Our highly skilled transfer of equity solicitors have guided many clients in the process of transferring equity in these instances:

  • Gifting of property
  • Transferring of property between family members
  • Court order
  • Changes in cohabitation arrangements, e.g., in the example of divorce

Transferring equity is usually a straightforward process when the property is wholly owned by the parties listed on the deeds, and everyone involved is aware of the ongoings of the process. It can become more complex when factors such as taxes, mortgages and parties in disagreement are involved. Every transfer of equity is unique, and the results will differ.

 

How much does Transfer of Equity Cost with Leon Kaye?

The two mandatory costs associated with the Transfer of Equity are the legal fees of the solicitor who will be processing the transfer and the Land Registry fee, which will be paid when notifying the Land Registry of the new deed. 

Depending on the circumstances, many other fees may apply; If your lender requires new searches, if they are modifying the existing mortgage, or if you are taking out a new mortgage.

 

How long does a Transfer of Equity take?

With Leon Kaye, a simple transfer of equity can take between 4 and 6 weeks to consider. However, depending on the circumstances and the differing factors of each transaction, the time taken to complete the transfer can vary.

The transfer will take longer if there is a mortgage to consider, as you will have to receive consent from any lenders in writing or if there is a larger dispute at hand, e.g., a divorce is currently being resolved by the Court, as we will have to wait until the disagreement has been resolved.

 

Get in touch with our Transfer of Equity Lawyers

Please get in touch if you would like to discuss your requirements with our experienced transfer of equity solicitors. Call us on 020 7228 2020 (Chelsea Office), email us at info@leonkaye.co.uk or fill out our contact form here.