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Transfer of Equity

After you have purchased a property, a time may come where you want to alter who is named on the title deeds. This may be adding someone on, taking someone off, or adjusting the percentage of the property that each person owns. This process of changing names is called a ‘Transfer of Equity’.

The Process

There are several steps involved in a Transfer of Equity. If there is a mortgage on your property, then you will first need to speak to your mortgage lender and get their consent for the Transfer. They will speak to you about your financial circumstances and then issue you with a Letter of Consent (if you are keeping your existing mortgage) or a Mortgage Offer (if you are taking out a new mortgage). Remember that the same people named on the property also need to be named on the mortgage, so take this into account when planning your transfer.

If you wish to add someone on to the deeds, then a single solicitor can take care of the whole process for you both from start to finish.

If someone is to be removed from the property however, then it is important to keep in mind that they will require their own, separate legal representation at a different firm of Solicitors.

Once you have got consent from your lender and have instructed a Solicitor, the process can begin:

1) Locate the Title Deeds and Contact the Land Registry

We will first need to obtain the Title Deeds for your property. If you don’t have these yourself, it is common for deeds to be held by your Mortgage Lender, or the Solicitors who acted for you when you first purchased your property. We will contact whoever holds these and request that they be sent to us for review.

We will also contact the Government Land Registry in order to get up-to-date records of the people currently named on the deeds, and what shares of the property they own.

2) Speak to your Mortgage Lender

We will need to speak to your mortgage lender in order to obtain their consent for the transfer. We will also ask them for a redemption figure for your current mortgage. Many lenders are happy for the transfer to take place with an insurance policy in lieu of a full set of property searches, however some do require new searches to be undertaken. We will speak to them to clarify their position at this stage, and advise you accordingly.

3) Prepare the Transfer Documentation

We will now prepare all the various pieces of legal documentation for both the transfer and the mortgage. Once the documentation is ready, we will arrange an appointment for you to attend the office to go over the paperwork with the solicitor and sign everything. If a party is being removed from the deeds, this is the point where we will contact their solicitor and send them the relevant paperwork for their side of the transfer.

4) Deal with Monies

Once we have signed paperwork from everyone involved in the Transfer, we can then contact your Mortgage Lender to secure the revised mortgage, under the new names. If you have taken out a new mortgage, we will draw the funds to pay off the previous mortgage and then pass any additional funds over to you.

If any money is to be paid to any individuals as part of the transfer (if a person is being ‘bought out’ of the property, for example), we will also arrange for these funds to be sent to them.

5) Finalise with the Land Registry

With the paperwork signed and the mortgage in place, we will contact the Land Registry to update their records with the names of everyone on the deeds and details of the mortgage. Once the registration is confirmed, the Transfer of Equity is complete, and the legal owners of the property have officially been updated.

If you have any queries regarding a Transfer or Equity, we're here to help.  

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Conveyancing Services

At Banner Jones, our highly trained experts offer support and care to all of our clients. We also offer a sensitive approach to each case whilst also ensuring that all of our services are fully confidential. We will provide you with informative house conveyancing advice that will help you through the conveyancing process.

Why Choose Us?

So why choose Banner Jones as your conveyancing solicitors?

  • Members of the Law and Society Conveyancing Quality Scheme since 2012
  • We are local conveyancing solicitor experts in Sheffield, Chesterfield, Mansfield and Dronfield
  • We offer competitive and clear conveyancing charges. So you only pay for what you actually need
  • We regularly check our prices so you don’t have to
  • Reduced transaction times as we use the latest case management system
  • Your transaction will be undertaken by a specialist conveyancing solicitor
  • The peace of mind of knowing that all work undertaken by us is covered by professional indemnity insurance
  • We are able to carry out conveyancing transactions anywhere in England and Wales. You will not be required to attend our offices in   person
  • We cover all types of conveyancing transactions
  • If your conveyancing transaction falls through we will only charge you for the work that has been done

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Frequently Asked Questions

At what point in the process is it legally binding?

You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.

How long are local searches valid for?

A local authority search completed for a house purchase is valid for 3 months.

How long does the conveyancing process take on average?

We usually say 4-6 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.

What happens if we can’t produce certificates for work we’ve had done on the house we’re selling?

You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you

What is Stamp Duty and how much will I have to pay?

Stamp Duty is a tax levied by HM Government on a transfer of property. For residential property this tax is calculated at 1% for property values between £125,001 and £250,000, 3% for values between £250,001 and £500,000 and 4% for those of £500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied.

What is the difference between Joint Tenants and Tenants in Common?

Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).

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