Experienced transfer for equity solicitors in Gateshead and Washington
It is possible to change the legal ownership of a property. The legal process for doing so is known as a transfer of equity.
A person can be added to or removed from the title deeds of a property. There are many reasons why a transfer of equity is required, such as:
- Upon divorce or as a result of separation
- To add a new spouse or partner
- In accordance with a Court order
- To transfer the property between family members; and
- When a Trust is formed.
Regardless of the reason for the transfer of equity, it is important that you obtain expert legal advice prior to proceeding with the transfer as there may be pitfalls and consequences for you and any other parties involved in the transaction.
If the property is subject to an existing mortgage, and you do not intend to repay the mortgage in full before the transfer of equity takes place, then you will need to obtain the lender’s consent to the transaction.
“Very efficient, with a swift approach to all issues.”
Why Choose John Donkin Solicitors For Your Transfer Of Equity?
At John Donkin Solicitors, we are an established local law firm and have been serving clients in the Tyne and Wear area and beyond for over fifty years. We offer the high standards of service you would expect from a respected long-standing firm combined with the modern technology and flexibility that ensures fast and efficient transactions.
We frequently deal with transfers of equity for our clients. If you ask us to represent you, we can provide you with the advice you need to make an informed decision and draw up the necessary documentation to ensure that the legal ownership of the property is transferred as is required. We know that you are likely to want the matter dealt with promptly and as quickly as possible to ensure that there are no avoidable delays, and we will work with you to achieve your desired timescales.
We can advise you on issues such as the type of joint ownership that is best for your situation where required, and whether you need any associated documents drawn up, such as a Will.
You will have a dedicated, qualified and experienced Solicitor assigned to handle your transaction.
Our Transfer Of Equity Solicitor Costs
We will provide you with an accurate estimate of the costs involved at the outset of the transaction so that you know exactly what to expect. We will also advise you of any other expenses payable to third parties, such as stamp duty, search results and HM Land Registry’s fee for registering the transfer.
The Transfer Of Equity Process
If you are intending to transfer a property, all parties should take independent legal advice, regardless of the reason for the transfer. We will guide you through the process and provide advice as to the legal consequences of the transaction.
There may also be tax consequences when transferring property, and so it is advisable that you obtain tax advice from a suitably qualified tax specialist.
If you would like us to deal with a transfer of equity for you, the first step is to obtain a copy of the Title Register from HM Land Registry to ensure that everything is as expected and to check whether there are any existing mortgages or restrictions on the property. At this point we will also carry out identity checks of our clients.
Thereafter we will prepare the transfer deed ready to be signed by all parties.
Once the mortgage lender’s consent to the transfer has been secured, the transfer deed can then be signed and witnessed. We will then arrange to complete the transaction, submit any SDLT return (where required) and submit an application to HM Land Registry to update the Title Register accordingly.
In some cases, you may be tying in a transfer of equity with a remortgage, in which case we will go through the remortgage process at the same time, redeeming your existing mortgage and registering the new charge.
Contact Our Transfer Of Equity Solicitors
If you would like to transfer your property into different ownership, we will be happy to help. We can answer your questions and discuss the process, including likely timescales.
“Great customer service and very good solicitors. Very happy to do business with them. Highly recommend”