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If you need to transfer equity in a property, speak to First4Lawyers

Arranging for the transfer of equity on a property you own can be stressful, especially if it comes after something such as a break-up or divorce.

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What is transfer of equity?

A transfer of equity adds or removes one or more people from the legal title or ownership of a property. 

It could be that a couple has split up, someone wishes to add a partner to their title deed or perhaps a property is being gifted.

Equity is the value that is left after any outstanding mortgage has been deducted.  Transfer of equity may be total or partial.  

What is the process for transfer or equity?

The process depends on the type of transfer required:

  • The property title will need to be obtained.
  • Valuation of the property.
  • Deed of Transfer signed.
  • Remortgage completed, if necessary.
  • Lender's permission if there is an existing mortgage.
  • Stamp Duty Land Tax Return – this is only required when the buy-out involves sums of money of more than £40,000.
  • Register the change of ownership at HM Land Registry.

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What are the costs involved in the transfer of equity?

Once we know your specific circumstances, such as whether your transfer of equity involves a property with a mortgage, and how much equity you have in the property, we can give you a quote for the entire transfer of equity process.

The costs differ depending on how much money is changing hands, any buy-out process that is required, and the insurance fees that will protect your mortgage lender from financial losses if anything revealed in searches affects the value of the property.

If you are transferring equity on a property with no mortgage, the process is relatively straightforward and the costs will be lower than if there is a buy-out and re-mortgage required.

In all cases, there will likely be a Land Registry fee to pay for changing the owners of a property.

I need to transfer equity, what should I do?

It can be a complex process and varies depending on your specific circumstances. The advantages of using an experienced property solicitor is they do this work day in and day out, so they know what to expect and how to cover everything. 

Get in touch with your individual requirements and we'll be happy to help.

Get in touch today to discuss your requirements 08005677866

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