Conveyancing
Transfer of Equity
Award Winning Law Firm | Fixed Fees are available.
A Transfer of Equity occurs when the owner of a property or piece of land transfers or sells their interest to another. It is common for Transfer of Equity to change ownership from two people to one or from one person to two.
Obtain a quotation for your Transfer of Equity using our Conveyancing Quote Calculator or see our costs here.
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Equity Transfer
A Transfer of Equity occurs when the owner of a property or piece of land transfers or sells their interest to another owner of the property. Sometimes the equity is completely transferred to another party; on other occasions, the equity is only transferred in part.
Reasons for transferring equity include:
Whatever your situation, NewBold Solicitors can help. If you are interested in changing the title to property or land (for any reason), please contact us.
Reasons for transferring equity include:
- Marriage;
- Divorce/separation;
- Changing title deeds to include offspring/relatives.
Whatever your situation, NewBold Solicitors can help. If you are interested in changing the title to property or land (for any reason), please contact us.
Costs Information
A fixed fee quotation can be obtained using our Conveyancing Quote Calculator (green button at the top of the page) or by clicking here.
All Transfer of Equity quotations will consist of legal costs (the costs for the services provided which are subject to VAT (currently 20%)) and disbursements. Disbursements are necessary third party costs such as Land Registry document and registration fees and Stamp Duty Land Tax/Land Transaction Tax (if applicable) etc.
As a standard and generally speaking, our fixed fee for acting in the Transfer of Equity of a property consists of the following: –
All Transfer of Equity quotations will consist of legal costs (the costs for the services provided which are subject to VAT (currently 20%)) and disbursements. Disbursements are necessary third party costs such as Land Registry document and registration fees and Stamp Duty Land Tax/Land Transaction Tax (if applicable) etc.
As a standard and generally speaking, our fixed fee for acting in the Transfer of Equity of a property consists of the following: –
- Checking over the paperwork completed by you.
- Preparing and sending copies of your registered title and documents completed by you to the Buyer’s Solicitor.
- With your help, answering any enquiries (questions) and arranging for you to sign the contract of sale.
- Requesting a settlement figure for your mortgage and any other secured loans (if any).
- Liaising with appropriate parties and arranging a completion date.
- Organising the final accounts and preparing a completion statement.
- Approving the Deed of Transfer and arrange for you to sign it.
- Once contracts have been exchanged the sale is binding and the completion date is fixed:
- Receiving the balance sale money from the Buyer’s Solicitors. Discharging the account in accordance with the completion statement.
- The property is currently held under a single freehold/leasehold title at the Land Registry with no title defects and up to one mortgage/charge.
- One contract is submitted to one sale.
- The sale will be on the basis of an unconditional contract and the property is sold with vacant possession.
- Completion takes place on the date agreed in the contract.
Timescale Information
On average a conveyancing transaction takes between 10-15 weeks to complete from issue of the draft Contract Pack although this is very much an average and some transactions will complete sooner and some will take exceed this timescale. More complex transactions such those involving leasehold properties, management companies, transfers of part etc will likely take longer to progress than standard transactions.
As a very rough guide and noting that all transactions can proceed slightly differently and at different timescales due to the complexities involved in a conveyancing transaction, we would consider the key stages to be the very basic stages:
As a very rough guide and noting that all transactions can proceed slightly differently and at different timescales due to the complexities involved in a conveyancing transaction, we would consider the key stages to be the very basic stages:
- Issue of the draft Contract Pack to the Buyer’s Solicitors;
- Buyer’s Solicitors carry out their investigation of title, which generally includes obtaining searches and raising additional enquiries. This stage is usually completed whilst other formalities such as mortgage arrangements are undertaken;
- Buyer’s investigation of title and supplemental arrangements are completed and pre-completion arrangements are made (arrangements for exchange of contracts and completion);
- Completion takes place and post-completion formalities are attended to.
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Landlords FAQ
- Do I need to use a Solicitor/Conveyancer to purchase a property?
- The use of a Solicitor/Conveyancer is very much recommended and specifically required where you are purchasing with the assistance of a mortgage.
- Will my Solicitor/Conveyancer provide advise on Stamp Duty Land Tax (SDLT) or Land Transaction Tax (LTT)?
- No. Whilst a general calculation may be produced based on information provided via the relevant SDLT/LTT calculators, this is not advice and should advice be required, this should be sought from a person suitably qualified to provide such advice as the tax rules can be intricate.
- Do I need to have conveyancing searches?
- The use of conveyancing searches is very much recommended and in most cases specifically required where you are purchasing with the assistance of a mortgage. We utilise personal searches where possible which can be returned sooner than official searches.
- Will my Solicitor/Conveyancer deal with any issues which arise in my survey?
- No. The results of your survey are for you, however, our Solicitors/Conveyancers will review the section entitled ‘Issues for your legal advisor ’if the report is forwarded. Solicitors/Conveyancers are not suitability qualified to interpret the remainder of the report and you should discuss this with your surveyor. Should anything be unsatisfactory for which you may wish to seek a price reduction, any negotiations should be dealt with via any Estate Agents and your Solicitor/Conveyancer kept updated as to the conclusion.
- How many people can purchase land/property?
- The Land Registry only accommodates up to four people to be registered as legal owners of a land/property. Should more than four persons wish to have an interest in land other arrangements would need to be made to purchase such as via a company, trust or other investment vehicle.
- How can I get a quotation for the sale or purchase of a property?
- We have a Conveyancing Quote Calculator which is embedded within our website. Once you enter the details of your intended sale/purchase a quotation can be provided. However if you prefer to speak with our friendly staff, please call our offices where we will be pleased to arrange a quotation for you.
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