A transfer of equity can be more complicated than you’d think. A straightforward process depends heavily on whether there’s a mortgage in place, and if the mortgage lender consents to the change in ownership. We know that you want the whole situation sorted quickly. That’s why we take the lead on chasing the necessary people and keeping you updated.
property equity with us
We make changing a property’s legal ownership as simple as possible. Turn to Optimal Solicitors for your legal representation, and we’ll work on your behalf – liaising with external parties, witnessing document signings, and transferring funds if necessary.
We make changing property ownership effortless
Changing the legal ownership of a property might sound simple, but you need a specialist solicitor if you want the transition to be seamless. A small error can have big consequences, but with Optimal Solicitors by your side, everything will go smoothly.
When it comes to transfers of equity, we’ve truly seen it all before. So whether you want to share ownership with your partner or give your children financial security by granting a stake in your property, know that we’ll carry out all the legal work as efficiently and effectively as possible.
We’ve helped thousands, like you, get the best outcome
Why Optimal Solicitors?
We’re accredited conveyancers
We’re experienced with a range of transfers of equity, so you can have full faith that we’ll be familiar with your specific situation. Plus, we have numerous conveyancing accreditations to our name, such as The Law Society's Conveyancing Quality Scheme.
We put convenience first
We think the process of transferring equity should work to our client’s needs. Every part of our service is tailored, including how we speak to you. We can even provide an interpreter or translator if required.
Do I need a solicitor to transfer equity?
You can carry out a transfer of equity yourself, but it’s not recommended. You may have to complete various legal duties and formal work, such as searches. If these aren’t done properly, major issues can occur. When you appoint a trusted solicitor, you can be sure that they’ll do everything by the book.
How does the process work?
First, we’ll need an official copy of the title for your property so that we can establish if there are mortgages on it, or any other possible restrictions. From here, we’ll review the title or property deeds, check the identity of the clients, and put together the transfer deeds.
If there are no mortgages, the existing and new owners sign the transfer deed with a witness present. We’ll register the transfer deed at the Land Registry. If the transaction is over £40,000, then a Stamp Duty Land Tax certificate will be necessary.
But if there is a mortgage on the property, we’ll talk with the mortgage lender to get their written consent of the transfer. It may be that they wish to change the terms before agreeing. If they don’t consent, you’ll need to repay the mortgage to move forward with the transfer. An alternative would be to remortgage with a different lender who does agree to the transfer of equity.
What costs are involved?
There are quite a few costs involved in a transfer of equity, including the Land Registry fee, Stamp Duty Land Tax (if applicable), and potentially search fees if a new mortgage is taken out. Plus, there will be our fixed legal fees – you can see our full pricing here.
How long does the process take?
If there are no complications, then a transfer will take approximately 4-6 weeks. The process will likely be longer if you have a mortgage.
Instruct us for your transfer of equity
We do what it takes to make a transfer of equity easy. Discuss your needs with our solicitors during an initial consultation, and we’ll tell you all about how we can help.