If you wish to change the ownership to your property (for example, adding or removing an owner from the deeds) then this is known as a transfer of equity.

There maybe a number of reasons why a transfer of equity is required (i.e. following a divorce or separation, an owner wishing to sell or transfer their interest or share in a property).Whatever the reason the legal process involved is usually straightforward depending upon all parties consenting the transfer.

If the property is subject to an existing mortgage then you should firstly obtain the formal consent of your lender(s) to the transfer of equity. To do this you may need to make an application with the lender and a fee may be payable. You should enquire with your lender(s) regarding their requirements and process for giving consent before you instruct a solicitor.

If consent is given by your lender(s) then at that stage you should instruct your solicitor.

Even if you are a party who is transferring your interest in a property you should still consider instructing a solicitor to ensure that you receive professional independent advice and representation.

We at Charles & Co. will do our very best to ensure that your transfer of equity matter will proceed as smoothly and quickly as possible.

Similar to a sale or purchase, upon receiving your instructions to act we will write to you introduce you to our firm, the solicitor personally dealing with your transfer of equity and to confirm our costs and the likely disbursements.

We will also request from you a variety of details and documents including some personal identification, the title deeds (or their whereabouts), details of any existing lender(s) or other parties who may have an interest over the property and whether you have any special requirements (i.e. a preferred completion date).

If the transfer of equity involves the property being transferred into your sole name from joint names, we will also write to either the other owner or their solicitor to confirm our instructions.

If the transfer involves the property being transferred into joint names from a sole name or a change of owner then we will usually act for both you and the other proposed new owner(s) and any mortgage lender.

As soon as we are in receipt of formal instructions, consent from any lender, the title deeds and confirmation from all parties to proceed we will prepare the necessary Transfer Deed and which will need to be signed by all parties (both the current and new owner(s) and any lender). Once the Deed is signed by all parties we should be in a position to complete the transfer of equity. If any monies are to be paid over to an owner who is transferring their share then these monies should be provided to us in good time for completion.

Once the transfer of equity is completed we will pay over any agreed monies to the party who is transferring their share and we will apply to the Land Registry to register the change of ownership.

The Land Registry will provide a Title Information Document which will confirm the change of ownership.

To find out more or to request a competitive fixed fee quotation for your conveyancing matter contact Ranjit Tiwana via email or telephone.

Additional Information

Buying a Home
Re-mortage a Home
Selling a Home