Transfer of Equity Solicitors
A transfer of equity is the way in which ownership of property can be changed, either by adding or removing someone from the title or by changing the size of the share they hold.
It can be done when someone is gifting a share in a property or when it is being transferred in separation or divorce proceedings or where a share is being sold.
It is important to take legal advice before completing a transfer of equity to ensure that you fully understand the implications of signing.
How we can help with transfer of equity
Our experienced property lawyers can explain the process to you and ensure that it is the right transaction for your circumstances. We will explain your rights and the result of a transfer on your tax situation as well as any other considerations that could impact you financially. We are here to make sure that the decisions you make are in your best interests.
Consult our transfer of equity solicitors in Eastbourne and Hastings
For representation and advice in respect of transfer of equity, please contact a member of our property law team for a no obligation discussion:
- Call: 01323 644222
- Email: firstname.lastname@example.org
- Or pay us a visit at 28 – 30 Hyde Gardens Eastbourne East Sussex BN21 4PX
Our transfer of equity services
Our services include the following:
- Advising you on the implications of a transfer of equity
- Liaising with your mortgage lender to obtain their consent where necessary
- Checking legal title to the property
- Advising you of the amount of Stamp Duty payable, if any
- Drafting the transfer of equity
- Obtaining signatures to the transfer document and, where necessary, the mortgage agreement
- Dealing with payment of Stamp Duty, if applicable, and registration of the transfer at HM Land Registry
For information about our other property services, see our conveyancing page.
Our transfer of equity fees
At Stephen Rimmer Solicitors, we provide leading quality legal advice and outstanding service at competitive and transparent prices.
For acting on your behalf in respect of a transfer of equity we are generally able to offer fixed fees. This means that the price will be agreed in advance so that you know exactly how much the cost will be.
Where we cannot offer a fixed fee, for example, if the work is more complex than usual, we will advise you of the hourly rates of the solicitor who will be working with you and an idea of how long the matter could take.
Transfer of equity FAQs
A transfer of equity is the process of adding someone to or removing someone from the ownership of a property or increasing their share in the property. All or part of someone’s equity or share of ownership can be transferred. For example, if a couple owns 50% of a property each, one of them could transfer their share, or part of it, to the other.
It is important to take legal advice as there could be tax implications in doing this. It could also be construed as deliberate deprivation of assets if an individual was to transfer their share of a property to someone before going into long-term care for which they require local authority funding.
There are a number of reasons to transfer a share in property to someone else, including:
- As part of a financial agreement after a divorce or separation
- To add a new partner or spouse to the title of a property
- To transfer your property as part of Inheritance Tax planning
The actual process of checking a title and drawing up the transfer document does not take long and could be done within a month. However, there are often other issues that need to be dealt with. For example, if the transfer is being done as part of a financial settlement in a divorce then it may be necessary to wait until all issues have been agreed upon and a court order is in place.
If the property is subject to a mortgage, then it will be necessary to obtain the mortgage company’s consent to remove someone from the mortgage or to add a new person. This could potentially take the mortgage company several weeks to deal with.
If we represent you in transferring equity, then the first task is to obtain a copy of the title to the property. We will check the legal title and be able to see any charges over it, such as mortgages. We will also check the identities of the owners and any new owner.
We would then draw up the transfer document and, where necessary, wait for the mortgage lender to approve the transfer and send their loan documentation if someone new will be taking on the mortgage.
You will then be able to sign all the documentation in front of a witness and we will register the transfer on your behalf at HM Land Registry.
If there is a mortgage over the property, your lender will need to consent. If someone is being removed from the property ownership and from the mortgage, the lender will need to be assured that you can manage the loan on your own and they will only consent to the transfer if they are satisfied on this point.
If you will be adding someone to the title of the property, that person will also take on the mortgage and the lender will vet them in the usual way and send out a mortgage agreement for them to sign.
Speak to our transfer of equity solicitors in Eastbourne and Hastings
Based in offices in Eastbourne and Hastings, our transfer of equity solicitors work with clients all across East Sussex, including in Bexhill-on-Sea, Hailsham, Polegate, Battle, Pevensey and St Leonards-on-Sea.
For advice and guidance in respect of transfer of equity, please contact our expert team now:
How can we help you?
Call us today on 01323 644222 to get the specialist help you need.