What is a transfer of equity?
A transfer of equity is when someone is added or removed from the ownership of a property.This could be adding or removing a wife, friend, husband or partner to the property.
How long does it take to transfer ownership of a property?
The transfer of equity process could take as little as 7 days or up to 4 weeks. How long the process takes will heavily depend on how fast you can get the documents back to the conveyancer so they can begin to process your transfer of equity.
How does a transfer of equity work?
The transfer of equity process is pretty straightforward if both parties or all parties involved are already in agreement.
You will simply need to find a conveyancer to help you oversee the transfer of equity process. The transfer of equity process may be different based on how many people are currently listed on the property.
Typically your conveyancer will send out a transfer pack( TR1) to those who are transferring the equity and to those who are receiving the equity.
Once these forms have been filled, signed and returned the conveyancer will then fix a date for completion.
The conveyancer will review the documents to ensure everything is fine with them and raise any issues they discover with you.
This will ofcourse have a fee attached to it.
You may also be liable to pay stamp duty as you have now bought shares in a property. You should speak with your solicitor about this and get a legal opinion on if you are liable for stamp duty or not after the transfer of equity.
How much do solicitors charge for transfer of equity?
The fees solicitors charge for the transfer of equity can differ between solicitors but it will usually be based on the value of the property and can range from a few hundred pounds up to £2,000.
Do both parties need a solicitor for a transfer of equity?
In most cases, both parties will need separate solicitors to act for them during the transfer of equity process.
Do I need a solicitor to transfer ownership of a property?
Yes, you will typically need a solicitor to assist you in transferring ownership of a property.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.