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There are a number of reasons why you may want to transfer the equity of your property. If you are considering such a step, our specialist team will be on hand to provide comprehensive advice on all aspects of the process.
At Johnson Astills, our property team have substantial experience in handling equity transfers, meaning we are well-placed to advise you on your circumstances and the steps you will need to take.
To speak to a member of our team about a transfer of equity, please contact our local offices in Leicester and Loughborough or use our contact form to request a call back.
We understand that the prospect of having to change the legal ownership of your property can seem daunting, especially if you have no previous experience with how the process works. Rest assured, our team will work alongside you to make sure that you have all the information you need and understand exactly what needs to be done to complete a transfer of equity.
Our team will keep you regularly informed at all stages of the process, communicating quickly and clearly so you know exactly where you stand. Should you have any questions about the equity transfer process, we will be on hand to provide prompt responses.
We can provide fixed-fee services with clear and transparent pricing related to equity transfers. If, for any reason, additional costs arise during the process, we will let you know at the earliest opportunity so we can discuss your options in detail.
You can find out more about our general pricing information here.
We are Lexcel accredited by the Law Society for the high standards of our legal practices and are independently regulated by the Solicitors Regulation Authority (SRA). Additionally, we are proud members of The Law Society’s Conveyancing Quality Scheme (CQS), reflecting our extensive expertise with a wide range of property matters and transactions, including transfer of equity.
The first step in completing a transfer of equity will typically be to request a copy of the existing property title. Your solicitor will take a detailed look over the title so they can confirm the current ownership, including the identity of the current and planned property owners. Additionally, your solicitor will check for any existing charges, such as a mortgage,
If a mortgage is in place, we will liaise with the relevant mortgage provider so they can conduct the necessary checks and give their approval for the transfer of equity to proceed.
At this stage, our team will be in contact with all of the relevant parties before proceeding to prepare the relevant transfer deeds for a change in ownership.
After the title has been reviewed and the new transfer deed has been prepared, all parties involved (including the existing and future property owners) will review and sign the transfer deed (the legal document proving the title on the property), with a witness present to oversee the signing of the documents.
The Transfer of Equity will need to be registered with HM Land Registry to update the title deeds to the property. This is something our solicitors can do on your behalf.
In this context, ‘equity’ is the legal term for the percentage of a property that someone owns.
Therefore, a Transfer of Equity is the term used to describe the process of changing the ownership of a property. This could mean adding someone to or removing them from the legal title of a property.
There are a number of reasons why you may need to transfer equity. Common reasons include, but are not limited to:
The time it takes to complete a transfer of equity can vary depending on the complexity of the situation. If the transaction is relatively straightforward, the process can often be completed within a month, but this timeframe could be extended if there are any additional complications, such as having to negotiate with a mortgage lender.
It is technically possible to transfer equity yourself. However, it is not recommended to do so without the support of a specialist solicitor, as the process can quickly become very complex, with many moving parts needing to be handled.
For help and advice on transferring equity or any other property matter, get in touch with our transfer of equity solicitors by contacting our local offices in Leicester and Loughborough, or feel free to use our contact form to request a call back.
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