You might arrange a Transfer of Equity to add or remove a person from the deeds of a property, for example, if you are moving in with your partner, getting married or separating.
Our property team are on hand to ensure that you are fully updated throughout the process, and that you have considered all implications involved.
Initial Telephone Discussion
A Transfer of Equity can happen in any situation in which someone wishes to either leave or join a property deed. You can transfer equity to a new partner or another family member, or gift it to your children.
We understand that client circumstance and reasons for transferring equity are unique, which is why we will provide you with expert legal advice tailored to your specific aims and objectives.
Divorce or separation
If you have separated from your spouse or you have decided to divorce, you might be concerned about what happens when one of you leaves the family home.
It will be likely that the person who is leaving the property will have their name legally removed from the deeds at some point in time. In some circumstances, this could involve a cash transaction where one person buys the others share. We can advise on this and act in the transfer of the property.
While the process of transferring equity is relatively straightforward when there is no mortgage, it can become more challenging if there is still a mortgage on a property.
When there is a mortgage on a property, consent must be obtained from your mortgage lender before the transfer takes place.
Whilst this process may only take a couple of weeks, it could take longer if there are any difficulties or disputes.
How much does a Transfer of Equity cost?
The cost of a transfer of equity can vary depending on the circumstances and the value of the property, as well as whether you were adding, removing or replacing someone on the deeds, and whether the property is leasehold or freehold.
The number of mortgages on a property can also make a difference. You may also have to pay a transfer fee to your bank if your property does have a mortgage.
Stamp Duty Land Tax
Even if you have purchased a property and paid Stamp Duty at the time, further stamp duty could be payable if the legal ownership is changed.
There may be some exemptions to this and therefore it is best to speak to our team to discuss your specific circumstances.
If the property is a ‘gift’ and there is no mortgage, or the property is split equally between two people, then there may be no stamp duty to pay. Similarly, if couples are legally separating or transferring equity by court order, there may be no need to pay stamp duty.
Where possible we will offer a fixed fee, so you will know what the costs are from the start. For more complex or uncertain projects, we will provide you with an estimate of the likely fees involved and keep you updated throughout the matter.
How to get in contact
Our offices are based in Basingstoke and we assist clients across the country.
We aim to keep legal jargon to a minimum and guide you through the process in a manner that is easy to understand.
Our highly-skilled solicitors offer tailored, strategic solutions to even the most complex matters, ensuring you receive the guidance and support you need.
We will be by your side throughout every stage of the process and will provide you with regular updates and advice along the way.
We communicate thoroughly with you from the outset to ensure that we fully understand your individual needs. This allows us to accurately quote for your matter leaving you without any unexpected surprises and fees further down the line.
We provide our clients with a concise and transparent breakdown of costs from the outset of the matter and throughout any subsequent stages. This enables you to build faith and trust in us early on to form a lasting relationship.
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