The legal process of adding or removing an individual from the title deeds of a property is known as a Transfer of Equity. Unlike a sale, at least one of the original owners remains on the title, although the overall list of owners changes.
It is crucial to seek expert advice when transferring equity, as this process can significantly impact both your circumstances and those of others involved. Our highly skilled transfer of equity solicitors have extensive experience assisting clients in various situations, including:
- Gifting of property
- Transferring property between family members
- Implementing a court order
- Changing cohabitation arrangements, such as during a divorce
The process of transferring equity is typically straightforward when the property is fully owned by the parties listed on the deeds, and all parties are in agreement. However, it can become more complex when issues such as taxes, mortgages, or disputes arise. Each transfer of equity is unique, and outcomes will vary accordingly.
What Are the Costs of a Transfer of Equity with Nova Solicitors?
The two primary costs associated with a Transfer of Equity are the legal fees for the solicitor handling the transfer and the Land Registry fee for updating the title deeds.
Additional costs may apply depending on the circumstances, such as fees for new searches if required by your lender, modifications to an existing mortgage, or taking out a new mortgage.
How Long Does a Transfer of Equity Take?
At Nova Solicitors, a straightforward transfer of equity typically takes between 4 to 6 weeks. However, the timeline can vary depending on specific factors related to each transaction.
The process may take longer if a mortgage is involved, as lender consent must be obtained in writing. Additionally, if there is a dispute, such as an ongoing divorce case, the transfer may be delayed until the issue is resolved.
