If you are looking to alter the ownership of a residential property to either remove a person or add a person to the registered title then you will require a transfer of equity service. If you have a mortgage then the lender’s consent is required unless remortgaging at the same time as the transfer. We assist many clients in transferring their property and you should consider whether the transaction will give rise to Capital Gains Tax or Stamp Duty Land Tax
Why or when would someone need this service?
There may be a number of reasons for wanting to transfer equity, for instance in order to add another person to the title of a property or perhaps to release some funds from the property. Other common circumstances where we are instructed to act on a transfer of equity occurs on marriage, divorce or death.
How does the process work? What are the steps?
Where there is no mortgage on the property, the process is relatively simple. Once agreement is reached between all the parties, we will issue an application to the Land Registry to register the change. We will then send you a copy of the new title following the Land Registry completing the change.
Where there is a mortgage the lenders consent must first be obtained prior to their being a transfer of equity unless you are re-mortgaging.
How long does it take?
Where the parties are in agreement, the process can be completed fairly quickly, usually within two weeks, provided that all the necessary documents and consents are in place.
There are however some occasions where the process will take longer. For instance if any of the parties are in dispute regarding any part of the process especially if separate representation is required, a new mortgage is being obtained, or consent from the existing mortgage provider is required.
If the transfer of equity is part of a divorce settlement, a court order is often required in order to complete the process. Again in this situation the process will take a little longer to complete, as we will be dependent on the courts own time table.
Is it expensive? How do the costs work?
We offer a fixed fee for this service (subject to our Terms & Conditions). We will inform you, up front, what the total cost will be throughout the entire process. Please telephone us for a no obligation quotation or send us an email: firstname.lastname@example.org
What are the things people should consider before calling?
We will need to know the reason why a transfer of equity is being sought. This is to ensure that the proposed transfer of equity is actually what is required or whether there may be other alternatives available which you may wish to consider. We will also need to consider with you at an early stage whether any tax, such as capital gains tax or stamp duty, will be payable.
Why are Grant Saw the best people for the job?
We will provide you with a complete service. In addition to completing the transfer of equity on your behalf we will also consider with you at the outset the possible tax implications involved and whether there may exist alternative arrangements which may not have previously been considered. By discussing such issues we hope to provide you with all relevant information in order that you can make an informed decision.