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Transfer of equity

A ‘transfer of equity’ is the legal term for transferring ownership of a share or interest in a property from one person to another. Transferring equity can feel like a complex process, but with our expert help everything should be clear and simple.

We want everything to be clear right from the word go, so we’ve explained exactly how the transfer of equity process works. We want you to feel completely comfortable with the process, and learn why our solicitors are the right fit for you.

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What is a transfer of equity?

When you transfer equity, you are legally changing some or all of the ownership of your property.

The transfer of equity process essential adds or removes someone to or from the title deeds of the property.

You might want to do this for several different reasons. For instance:

  • Your living arrangements are changing – maybe your spouse or partner is moving in, or you’re getting divorced and one of you is moving out
  • You want to gift some of the equity to a family member, for example to your children
  • You’ve received a court order instructing you to do it
  • A financial advisor has recommended transferring your share for some financial benefit

Unsurprisingly, the transfer of equity can be complicated and involve complicated family relationships. Trusting a legal team with the process can seem equally complicated.

By choosing one of our experienced conveyancing solicitors, you can be sure that your transfer of equity will be carried out in a professional and efficient, yet supportive and personal manner.

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What is the ‘equity’ of your property?

The ‘equity’ in a property, is its value with any outstanding mortgage subtracted.

For example, if your home costs £250,000 and you still owe £150,000 on your mortgage, the equity is £100,000. If you co-own or want to co-own a property, you split the equity value, not the overall property value.

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What is involved in the transfer of equity process?

Each transfer of equity process will differ, depending on your situation.

Generally, the process includes the following steps:

  1. Your conveyancing solicitor will request an official copy of your property’s title documentation. This is held by the Land Registry, which safeguards land and property ownership
  2. Your conveyancing solicitor will review and verify the document then prepare the ‘transfer of equity deed’
  3. The document is then checked for all outstanding mortgages on the property
  4. If the property has a mortgage, the mortgage lender also needs to agree to the transfer of equity. That’s because the person added to the property title becomes responsible for the mortgage as well. If the property ownership is being transferred to one person, they will become responsible for the mortgage on their own
  5. If there is no mortgage – or once the lender has agreed – the property’s existing and new owners can sign the transfer of equity deed in front of a witness
  6. Your conveyancing solicitor can then register the transfer of equity deed with the Land Registry

For properties with a transfer sum over £40,000, you’ll need to pay Stamp Duty Land Tax.

If it all seems a bit overwhelming, that’s okay. You don’t need to handle this by yourself. We are here to guide and support you through the whole process.

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Stamp Duty Land Tax (SDLT) and transfer of equity

In England, Wales and Northern Ireland you are required to pay Stamp Duty Land Tax when you buy a residential property worth £125,000 or more. Stamp Duty Land Tax needs to be paid on any residential property – leasehold or freehold – whether it’s bought outright or with a mortgage.

During a transfer of equity, a share of the property ownership is transferred to a new party, which is why SDLT may need to be paid again, even if it was during the initial purchase.

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How long does it take to transfer equity?

A straight-forward transfer of equity generally takes between four and six weeks, however because each transaction is different it could take longer.

For example, when there is a mortgage open on the property, the process inevitably takes more time while you communicate with your lender.

Our residential conveyancing solicitors will ensure everything is completed in a timely manner. By giving you the best transfer of equity advice when you need it, you and your family will have peace of mind from day one.

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Our conveyancing team can help you

With something as important as transferring equity, being able to trust your legal advisors is essential. You need to know that you and the deeds to your property are being handled properly.

At AWH Solicitors, we do exactly that.

Our conveyancing solicitors will guide you through the transfer of equity process with care and ease, whilst making sure everything moves on as quickly as possible.

As well as giving you advice on transferring equity, our solicitors can also provide their services for buying and selling property, as well as buying new builds, re-mortgaging and buying through the Right to Buy scheme.

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