Transfer of Property or Equity

Transfer of property or equity

Need to change the legal ownership of your property? We’re here to help.

There may be several reasons why you would need change the legal ownership of your property. Below we take a look at some of the more common reasons, and why you may need to transfer your property or equity in these instances:

Divorce/Separation

• Following divorce or separation, you may need to transfer your property from joint names to a sole name.

Marriage

• Alternatively, following marriage, you may wish to transfer legal ownership from a sole name into joint names.

Tax Planning

• You may have been advised by your accountant or tax planner to transfer a share of the family home into the name of a child or other family member.

What happens when I instruct a Solicitor?

The process varies, depending on whether you are transferring the property from joint names to a sole name or vice vera. Please see the details of both processes below:

Joint Names to Sole Name

1. Once you have instructed us we will request from the Land Registry an Official Copy of Register of Title which will assist us in preparing the necessary Transfer.
2. The Transfer will need to be signed by both owners in the presence of independent witnesses.
3. If there is a mortgage over the property you will need to write to your Lender and explain the circumstances. The Lender may refuse to remove an owner from the mortgage. This may happen if they do not believe that the sole owner is financially able to keep up with the mortgage repayments on their own.
4. We will draft the transfer deed in accordance with the lenders requirements
5. We will then evaluate the transaction and determine whether any stamp duty is payable. If so, we will prepare the necessary documentation.
6. Finally, we will proceed to register the Transfer with the Land Registry. Once the title is registered we will supply a copy to you and send the original document to your lender (if this is applicable).

 

Sole Name to Joint Names

1. Once you have instructed us we will request from the Land Registry an Official Copy of Register of Title which will assist us in preparing the necessary Transfer.
2. The Transfer will need to be signed by both owners in the presence of independent witnesses.
3. If there is an existing mortgage on the Property, and the new owner is being added to this, the existing owner will need to notify their Lender and a mortgage offer will be issued. After receiving a copy of this offer, we will report to you. We will need to insert a clause into the Transfer confirming that the new owner will also be liable under the terms of the mortgage.
4. We will draft the transfer deed in accordance with the lenders requirements
5. We will then evaluate the transaction and determine whether any stamp duty is payable. If so, we will prepare the necessary documentation.
6. Finally, we will proceed to register the Transfer with the Land Registry. Once the title is registered we will supply a copy to you and send the original document to your lender (if this is applicable).

 

To speak to someone regarding the transfer of property or equity, please call us on 01244 312306.