Helping you transfer equity in your home
You may be thinking of transferring ownership of a property into additional names or removing names from the ownership. This can be by way of a gift, matrimonial or relationship separation. At Nelsons, we have one of the largest teams of conveyancing solicitors in the East Midlands, helping hundreds of families in Derby, Leicester and Nottingham to transfer the equity in their homes every year.
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What is a Transfer of Equity?
A transfer of equity occurs when you change the ownership of a property without selling it. This can involve adding or removing someone from the property’s legal title. Common scenarios include:
- Adding a partner to your property
- Removing an ex-partner following separation or divorce
- Transferring property to family members
- Adjusting ownership shares between existing owners
Our process
Our experienced team of conveyancing solicitors is here to guide you through the process of transfers of equity, ensuring a smooth and legally sound transition.
As soon as you decide that you want to transfer equity in your property:
- Contact us to give us details of you and your property.
- Get an instant, comprehensive fee quote, which you can use to instruct us.
- Tell any other parties involved, including your mortgage broker/mortgage lender that we are the solicitors acting for you and give them our contact details.
We will then send you:
- A quotation together with our terms and conditions and an instruction form to collect important details of you and the transaction
- We will need proof of your identity (under Money Laundering legislation) or you can give us the approval to do identity verification checks.
The next steps are then:
- To get started, we will obtain the Land Registry Official Copy entries or the title deeds to the property. We will carry out the necessary investigations and checks on the property required by the new mortgage lender if any.
- We will liaise with any other solicitors involved to ensure that the formal documentation is prepared correctly.
- We may need to carry out a Local Authority search, drainage and water search, environmental and flood search and, where necessary, a mining search or obtain search indemnity insurance, in satisfaction of your lender’s mortgage conditions.
Meet the team
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Chris HuntingfordPartner, Solicitor & Licensed Conveyancer
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Trevor ScottPartner & Licensed Conveyancer
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Mark WilliamsPartner & Solicitor
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Russell HurstLegal Director & Licensed Conveyancer
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Jane BurtonLegal Director & New Build Team Manager
Why choose Nelsons for your Transfer of Equity?
Our team of conveyancing solicitors practice the latest methods to ensure your transfer of equity is a hassle-free experience, providing fast, efficient and value-for-money service to our clients using online search tools and other modern technology. Our team of experts are friendly and approachable to ensure you experience a smooth transaction.
We provide:
- Instant online conveyancing fee quotations
- Fixed fee estimates for peace of mind on costs
- Facilities to email updates and text messages at key stages of the transaction
Our high-quality and efficient residential property team are accredited by the Law Society’s Conveyancing Quality Scheme. Additionally, our team is a member firm of the Conveyancing Association – an organisation proactively working to improve the conveyancing process and to formulate and implement best practices throughout the industry.
If you have any questions or would like further information concerning our conveyancing and residential property services, please do not hesitate to contact us via our online enquiry form or call 0800 024 1976.
To obtain a residential conveyancing fee quote, please visit our online calculator.
Make an enquiry
If you wish to contact us, please complete the form below. A member of our team will be in touch as soon as possible.
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Transfers of Equity FAQS
Below, we have answered some frequently asked questions concerning transfers of equity
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How long does a transfer of equity take?
The process typically takes four to six weeks, but can vary depending on the complexity of the case and whether a mortgage is involved.
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Do I need a solicitor for a transfer of equity?
While not legally required, it’s strongly recommended. A solicitor ensures the process is done correctly and protects your interests.
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Are there any tax implications for a transfer of equity?
Potentially, yes. Depending on the circumstances, you may need to consider:
- Stamp Duty Land Tax (SDLT)
- Capital Gains Tax
- Inheritance Tax We can advise on the specific tax implications for your situation.
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Will I need to pay stamp duty on a transfer of equity?
SDLT may be payable if money or other consideration is exchanged as part of the transfer, or if there’s an outstanding mortgage. The rules are complex, so it’s best to seek professional advice.
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What documents do I need for a transfer of equity?
Typically, you’ll need:
- Proof of identity and address for all parties
- The property’s title deeds
- Mortgage information (if applicable)
- Any relevant Court orders (e.g., in divorce cases)
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Can I do a transfer of equity if I have a mortgage?
Yes, but you’ll need your mortgage lender’s consent. They may require a redemption of the current mortgage or a transfer of the mortgage to the new owner
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Does everyone involved need to agree to the transfer?
Yes, all current owners must agree to the transfer. If there’s a dispute, it may need to be resolved through legal channels before proceeding.
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Can I do a transfer of equity as part of a divorce settlement?
Yes, transfers of equity are common in divorce proceedings. However, it’s crucial to coordinate this with your divorce solicitor to ensure it aligns with your overall settlement.
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What if I want to gift a property to a family member?
This can be done through a transfer of equity. However, you should be aware of potential tax implications, particularly regarding inheritance tax.
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Can a transfer of equity be reversed?
While it’s technically possible, reversing a transfer of equity is complex and can have significant legal and financial implications. It’s always best to be certain before proceeding with a transfer.
Get in touch
Speak to us now on 0800 024 1976Email Us
