Transfer of Equity

If you need to transfer a property into another name, Transfer of Equity occurs. This may happen in a divorce settlement.

What are the steps in a transfer of equity?

If the property in question is mortgaged, you will need to apply through your lender for a ‘transfer of equity’ application. Once this is approved, the lender can instruct our lawyers to draft the transfer deed.

If the property is mortgage free and no monies will need to be exchanged, the process can be completed. The time taken to complete the deal depends on how quickly the documents are sent back to us.

Stamp Duty

Stamp duty can sometimes be payable when completing a transfer of equity – our team of lawyers will assess your circumstances and can advise you further on this.

Once fees have been arranged and settled, all parties involved will approve the new deed.

On Completion

Our lawyers will apply to the Land Registry Office to register the property under new ownership. Once this has been approved, you will be sent the new deeds and original documents.

A fee will be charged by the Land Registry Office for a transfer of equity, the amount depends on how much the property is worth and the remaining amount on the mortgage.

If you would like more information, please contact us on 0121 384 4652 and one of our dedicated team of lawyers will be happy to advise you further.

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