Transfer of Equity
Transfer of Equity is the process of removing or adding someone to the title deeds of your property. There are many reasons why you may want to transfer the equity of the property;
Divorce or separation
New relationship
Tax efficiency - transferring equity to children or family members. It is highly advised that you seek legal advise before taking this approach.
The transfer of equity process is normally rather straightforward and this process can be seen below. However, there can be unforeseen issues which we will advise you on if these arise.
What legal work will you be doing for me?
The precise stages involved vary according to the circumstances. However typically we will need to do the following:
Once you have instructed us we will then send the initial documentation, which you will complete and return together with our initial fee and give you initial advice.
When we have received the above, we will then obtain your title deeds from the land registry (if the property is registered).
We will then review your title deeds and check for a mortgage and any other restrictions on the property. and prepare the transfer documents.
Once we have received the title deeds, we will notify any third party, such as your mortgage lender as they will need to consent to the transfer.
Next step is for all incoming or outgoing parties to sign the transfer document.
Once all the documentation is signed we will then deal with the application for registration at the Land Registry and remove any outgoing parties/ add any incoming parties.
When we have received the updated title deeds to the property we will then send you the Official copies and any other information documents we hold in relation to the property.
It would not normally be necessary to undertake other work or incur other costs other than those described above. However, we would advise you of the stages once we know the specific circumstances of your case.
How long will my transfer of equity take?
The average process takes between 4 - 6 weeks. However, if there are complications it can take longer. For example you maybe separating from your partner and there maybe a dispute with regards to the equity in the property. There is no way of knowing how long this delay may take and therefore a timescale would not be able to be provided without further information. You may also have inherited the property and it is to be transferred to you and a family member. For the property to be transferred we would have to wait for a Grant of Probate/ Letters of Administration and that can take anywhere between 8 - 16 weeks and if a complicated estate it can sometimes take longer.
Who will be dealing with my matter?
Your conveyancing transaction will be handled by a member of our experienced conveyancing team. Once we know who will be handling your case for you we will introduce you to them and provide you with full contact details. Full details of the experience and qualifications of our team are available on Our Teams section.
Regardless of who is working on your case the matter will be supervised by one of our partners:
Richard Scott
Qualified Solicitor
25 years experience
Commercial & Residential Conveyancing
Alison Street
Licenced Conveyancer
25 years experience
Residential Conveyancing
If one of the above is deal with your case then the other individual will be supervising the matter.
If you would like to receive any further information then please contact us on 01937 832371 or send an email to legal@bjhsolicitors.co.uk