Transfer of Equity: Changing Ownership of a property

Transfer of Equity refers to the process of legally changing ownership of a property. This process includes adding or removing someone from the title deeds of a property. The transfer of equity process is relatively straightforward, but it is important to get it right. If you are considering a transfer of equity, it is important to speak to a solicitor who can advise you on the best way to proceed. 

In this article, we will discuss what a transfer of equity is, why you might need to do it and how the process works. 

What is a Transfer of Equity?

A Transfer of Equity is the legal process of changing the ownership of a property. This is done by adding or removing someone from the title deeds of a property, title deeds are a legal document that outlines who owns the property. 

Transfer of Equity is sometimes confused with the selling of the property. This process does not involve selling the property, it remains the same but the ownership of the property changes.

Why might you need to do a transfer of equity?

There are a number of reasons why you might need to change ownership of a property, some of the most common reasons include:

• If you get married or divorced
• If you wish to add children to the title of your property
• If you wish to buy a share of the property from another person.
• When you want to sell part of your share in a property
• When you want to gift part of your share in a property

How does the transfer of equity process work?

The process of changing ownership of a property is relatively easy. However, it requires the expertise of a qualified conveyancing solicitor. The process typically involves the following steps:

1. Choose a solicitor – The first step is choosing a solicitor who has experience in changing ownership of a property. This is essential as your solicitor will draft and contact any third parties on your behalf. 
2. Obtain a copy of the title deeds – To begin the process, your solicitor will obtain an official copy of the title for your property. They will need to review the title deeds to check for restrictions, such as a mortgage and they’ll need to check the identities of all of the parties involved.
3. Prepare the transfer documents – Once the process has started, your solicitor will then draw up the transfer deed documents ready to be signed. 
4. Notify any third parties – In order for the transfer to be completed all third parties involved in the property need to be informed and their written consent needs to be provided. Third parties can include mortgage lenders and banks or building societies. 
5. The signing of the deeds – Once your solicitor has prepared the paperwork and written consent has been provided by third parties, the transfer deeds can be signed with an independent witness present. 
6. Notify the land registry – Finally, details of the transfer of equity will need to be sent to the land registry. This will include a fee of between £50 and £100 however the exact fee will depend on the value of the property. 

How long will the Transfer of Equity take?

The length of time it takes to complete a transfer of equity can vary, factors include the complexity of the transfer, the workload of the land register, whether the property has a mortgage and if any disputes arise between the parties involved. Generally, the process will take between 4 and 6 weeks to complete. 

How can our Residential Property team help with the Transfer of Equity?

We understand that the transfer of equity process can be complex and time-consuming. That’s why we offer a dedicated team of experienced solicitors, who are experts in property law. We will work with you to ensure that the transfer of equity process is as smooth and efficient as possible. If you wish to discuss a Transfer of Equity or require any further information don’t hesitate to contact our team Doncaster Conveyancing team on 01302 341 414 or our Sheffield Conveyancing team on 0114 272 1884. Alternatively, you can fill out our online enquiry form.