Property equity transfer solicitors near you.
If you want to change the legal ownership of a property, the legal process for doing so is known as a transfer of equity.
If you are looking to change the legal ownership, it's essential that you get expert legal advice from MG Legal’s dedicated property solicitors, as transferring equity means that you may be giving up, or receiving a share in a property, and this can result in a notable change in circumstances for you and anyone else involved.
What is a property equity transfer?
A transfer of equity is the legal process in which an individual may be added to, or indeed removed from, the title deeds pertaining to a property. The transfer is brought about, in order to alter the legal ownership of the property. The transfer can take place in consideration of an amount of money, or simply by way of an act of love and affection. Whatever the reason for the transfer of the property, our team of conveyancing experts are here to assist.
Why would I transfer equity in a property?
There are a number of different circumstances in which our team are instructed to affect the transfer of property, which can include the following, as a handful of examples:
- With separating or divorcing couples: Our team are often instructed where individuals are separating, and wish to transfer the property from joint names, into the sole name of another.
- Inherited properties: In addition, property that has been inherited may be transferred to another family member who may make better use of the same.
- A simple will: There does not, however, need to be a specific event that has occurred, as per the above, which initiates the transfer. Individuals may simply wish to transfer their property as an act of love and affection – would be nice, wouldn’t it!
Whatever the reason for the transfer, contact our team today who can assist and guide you through the process.
How much does transfering equity cost?
Our conveyancing solicitors work on a fixed-fee basis, with no hidden extras in our quotes. With fees starting from £250.00, plus VAT, get in touch with us today, for a no-obligation quote. Our fees are extremely competitive and we pride ourselves on our excellent customer service, knowledge of all things property related, and that there are no ‘add-ons’ to the fees we quote. With MG Legal, what you see is what you get.
Our quote to you will include our fees, for carrying out the necessary legal work on your behalf, but also any anticipated disbursements that are to be incurred on your behalf, inclusive of:
Land Registry Searches (-required to give priority over the property title, but also to ensure there are no bankruptcy proceedings pending over the parties that may jeopardise a lender’s interest);
Land Registration Fees (-in order to legally register the change in ownership with HM Land Registry);
Any Search Insurance (- as a lender requirement, where applicable);
Bank Transfer Fee (-to transfer any agreed consideration);
Stamp Duty Land Tax. Whether any SDLT is payable will depend upon the agreed consideration for the transfer. Your conveyancing solicitor will be able to advise you on the amount payable, dependent on the particular circumstances under which the property is being transferred;
Official Copy Entries (-obtained from the Land Registry noting the current records about the property).
If, at any point in the transaction, our team become aware of any additional fees that may be required on your behalf, we would alert you to the same immediately, and obtain your authority to proceed.