Transfer of equity solicitors

The specialist transfer of equity solicitors at Holmes & Hills have the experience you require to ensure your property transaction completes without fuss.

There are many reasons a property owner or landowner may require a transfer of equity to take place. This could include:

• If you have married or remarried, you may want to add your spouse to the property deed;
• If you have divorced or separated, you may want to remove your ex-partner;
• In the case of co-ownership, you may want to alter the percentage shares owned or one co-owner may want to buy the other out;
• Tax efficiency with regard to future inheritance tax or personal gains limits;

It should be noted that a solicitor can act for one party in the process.

A transfer of equity is quite often thought of as simply removing or adding a name to the title, at Land Registry. However, it requires a review of the deeds, legal paperwork to be completed, legal paperwork to be signed and witnessed, lenders agreements ratified and registration of the deed of transfer at Land Registry, and checking of the registration once notification is received from Land Registry that the process is complete.

Owing to the value of the asset involved, we would recommend you use an experienced transfer of equity solicitor to ensure you have someone acting in your best interests. We are also able to offer independent legal advice should you require this.

Transfer of ownership (assent)

Sometimes Executors or Beneficiaries of a Will mistakenly believe they will require an equity transfer for a bequeathed property. In actual fact, this process differs slightly, and is called a transfer of ownership, or an assent of property. A transfer of ownership can only happen when the owner(s) of a property have died. If the property has been left to a beneficiary in the Will, the property can be transferred into the name of the beneficiary.

However, there is still a requirement to get the title updated at the Land Registry.

At a glance

It is possible to complete a transfer of equity where all existing owners are removed and the property or land transferred to completely new owners. However, it is recommended to get advice before proceeding.

Mortgages and transfers

Where there is already a mortgage on the property in question, you will need to consult the mortgage provider to see if they are agreeable to the transfer of equity, or if they would like to impose terms. If the mortgage provider is not agreeable to the transfer, you may have to arrange a remortgage with a different lender.

Do I need a solicitor for a transfer of equity or assent of property?

Appointing a conveyancing solicitor to deal with these transactions could prove beneficial, not least to ensure all paperwork is completed correctly helping to expediate the process, and when dealing with Land Registry to ensure all legal changes are processed. This will ensure that should the property be sold in the future, a buyer will not encounter any issues that may cause any agreed sale to fall through.

Specialist transfer of equity solicitors

Holmes & Hills deal with both equity transfers and assent of property on a regular basis. Our solicitors are able to offer advice and guide you seamlessly through the process.