Conveyancing Solicitors for Transfer of Equity – Expert Advice and Support
We understand that there are various reasons why people who jointly own a property may want to buy out the other person. This often happens after a separation, but it’s also common for individuals who want to buy a property together. Transferring the ownership share of your property can also help reduce inheritance tax. Whatever your situation, our team of experts is here to give you good advice and guide you through the entire process of transferring the equity.
If you have any questions or are thinking about transferring equity, our dedicated Conveyancing Solicitors are available to talk to you. You can reach us at 0208 904 7725/4150 during office hours.
How the Equity Transfer Process Works
If you choose to work with us, we will:
- Verify your ID: We’ll make sure that you and any other person involved provide the right identification to start the process.
- Get an official copy of the Title Deeds: Our conveyancing solicitor will review the official copy of the title deed to check for any property restrictions and to confirm if there is a mortgage on the property. This helps us start the transfer process.
- Prepare a Transfer Deed: We will draft a transfer deed that needs to be signed.
- Get consent from third parties: If there is a mortgage on the property, we’ll need consent from the mortgage lender because they may need to be involved in the transfer. Our Transfer of Equity Solicitors will handle communication with your lender.
- Sign the Final Deed: Once all the paperwork is ready, you and an independent witness will sign the transfer deed.
- Notify the Land Registry: Our conveyancing solicitor will send the details of the transfer deed to the Land Registry to complete the transfer. Please note that there is a fee, ranging from £50 to just under £1000 (depending on the property value), that needs to be paid to HM Land Registry.
Will I have to pay Stamp Duty Land Tax (SDLT)?
The liability for SDLT depends on the type of transfer. The value of the transfer also matters, especially if you’re the one receiving the equity. If the value goes above a certain threshold, you will need to pay SDLT.
Our Conveyancing Solicitors are here to provide expert guidance tailored to your specific situation. Contact us today to discuss your needs and get comprehensive support throughout the process.