If you want to transfer ownership of a property, we know you’ll want the process to go as quickly and smoothly as possible. First4Lawyers can help make that the case.
Whether you wish to transfer property following the death of a loved one, a divorce, or for any other reason, it is highly advisable that you seek help and advice from expert property solicitors.
Get in touch with our specialists at First4Lawyers are here to offer all of the legal guidance you need at what may be a very difficult time.
What is a property transfer?
A property transfer happens when a piece of property changes hands from one person – or entity – to another.
Why would I need to transfer property?
There are a number of reasons property transfers may take place, such as following the death of a family member or loved one.
However, you may wish to transfer some or all of the equity in property when you get married or divorced. Your divorce settlement may mean that you are legally obliged to transfer equity (in part or in whole) to an ex-partner.
If you are facing financial problems, you may wish to release some of the equity to gain extra funds.
What steps are involved in the process?
If there is no mortgage on the property, the property transfer process is relatively simple. Once all the parties involved reach an agreement, you must issue an application to the Land Registry to record the transfer.
Where there is a mortgage, you must obtain the lender’s consent prior to the transfer of equity unless you are re-mortgaging. To do this, you must fill out a ‘transfer of equity’ application.
Once the lender approves the application, you can then draft the transfer deed; this brings the transfer of the property into effect.
Stamp duty is sometimes payable on transfer of equity transactions. For advice related to your specific circumstances, you may wish to seek the advice of property solicitors.
When the transfer is complete, you must apply to the Land Registry to make the transfer official. You will then receive a copy of the title deeds – your lender will receive and must retain the original documents.
How long does the process take?
Where all parties involved agree to the terms of the transfer and all of the required paperwork and consent is in place, the process is likely to be over fairly quickly – normally within 14 days.
Things may take longer if there is a dispute regarding any part of the process, if a new mortgage is required, or if consent from an existing lender is pending.
If the transfer of equity is taking place as part of a divorce settlement, you may require a court order to complete the process. As the transfer is at the mercy of the court’s own time table, this may also delay the process.
I need legal advice with regard to a property transfer – what should I do?
Do you want to ensure all documents and consents are in place? Do you wish to resolve a property transfer dispute? Or do you need to know more about the tax implications of a particular property transfer? Whatever your reason for seeking legal advice – you need the help of solicitors specialising in property law.
Contact our First4Lawyers property solicitors for advice and an end-to-end service. Not only can we work with you on the transfer of equity, we aim to ensure you have all of the information you need to make the right decision at every stage.