Transfer of equity solicitors

What is a transfer of equity?

A transfer of equity is the process of adding or removing someone from the title deeds of a property, such as your house. You don’t have to sell your property to transfer equity; it simply means changing the ownership share to reflect a new arrangement.

It’s also worth noting that it’s not the same as remortgaging. In simple terms, remortgaging your property means changing the terms of your mortgage, whereas a transfer of equity changes who owns the property. The two can happen simultaneously but they are both different legal processes.

If there is already a mortgage on the property, your lender’s consent is needed before a transfer of equity can take place. Our solicitors will manage this on your behalf.

When would you need a transfer of equity?

There are various situations where a transfer of equity is the right decision for you. These include:

• A relationship breakdown or divorce: after a separation, you may wish to take ownership of your family property. A transfer of equity removes the other party from the deeds, normally with a remortgage into one name following afterwards.
• A marriage or civil partnership: after marriage or civil partnership, you may choose to add your partner’s name to your property deeds. This will give them some ownership of the property and reflect your new legal relationship.
• Gifting the property to another family member: you can transfer equity to another family member, such as a child, and this can be done in part or in full as part of estate arrangements or financial planning. If you plan on doing this, you should take legal advice first as there can be tax implications.
• Buying out a co-owner: if you own a property with someone else but they wish to leave the arrangement, you can take over their share of the ownership by buying it out and transferring equity.
• Inheritance and estate planning: property can be passed on or restructured during a person’s life through a transfer of equity.

How does the transfer of equity process work?

Each case will be different from the last, but the transfer of equity process generally follows a similar procedure with defined stages. Here’s what you can expect if you’re looking to transfer equity:

1. You’ll begin working with your solicitor who will act on your behalf. We’ll check details of the transfer and confirm who is being added or removed from the title deeds. We will also advise on any initial considerations, such as if your mortgage lender needs to be involved in the transfer.
2. We’ll begin checks for your property’s title register at HM Land Registry to ensure everything is in order before the transfer advances.
3. We’ll liaise with your mortgage lender, if there’s a mortgage on the property, to gather their consent before the transfer can go ahead.
4. Once we have consent from your mortgage lender, we’ll draft the transfer deed, which is known as a TR1 form. This will record the change in ownership. All parties will need to sign.
5. You may have to pay Stamp Duty Land Tax (SDLT), depending on your specific circumstances. We’ll let you know if this applies to you and we can make sure the correct return is filed with HMRC.
6. After the document has been signed and financial arrangements, if applicable, are in place, the transfer is successfully completed. We’ll register the change with HM Land Registry for you and once this is done, the new ownership is officially recorded.

How can Fisher Jones Greenwood help with your transfer of equity?

Behind each individual case is a person or family who are looking to navigate a significant change. We understand you’ll want your case dealt with efficiently and as straightforwardly as possible.

At FJG, our transfer of equity solicitors will manage the whole process for you, while keeping you up to date throughout. From the first title checks to registering at HM Land Registry, we’ll use expertise and care to handle your case. Liaising with mortgage lenders, drafting the transfer deed, advising on SDLT liability, whatever stage is next, we’ll be there to help.

With a breadth of experience and knowledge, we’ll be able to advise and answer any questions you may have. If your case requires a different area of law, for example if you’re going through a divorce, we can work alongside the family law team to ensure both sides of your case are handled cohesively.

Why choose FJG as your transfer of equity solicitors?

When selecting a solicitor for your transfer of equity case, you’ll want a team that understands how to deal with these cases and the details that go into them.

At Fisher Jones Greenwood, we have over 40 years of experience in property law and have built up a reputation for approachable legal advice across Essex and beyond.

We’re proud to be recognised in both the Legal 500 and Chambers & Partners, which reflects our dedication to our clients and each case we handle.

Transparency is something we believe in strongly, so you’ll always be kept up to date with fees and timelines. We’ll explain everything to you in plain English, eliminating jargon when it appears.

We’ll manage your case from beginning to end and ensure the process is as smooth as possible.