Conveyancing
Transfer of Equity
Award Winning Law Firm | Fixed Fees are available
A Transfer of Equity occurs when the owner of a property or piece of land transfers or sells their interest to another. It is common for Transfer of Equity to change ownership from two people to one or from one person to two.
Obtain a quotation for your Transfer of Equity using our Conveyancing Quote Calculator or see our costs here.
Equity Transfer
A Transfer of Equity occurs when the owner of a property or piece of land transfers or sells their interest to another owner of the property. Sometimes the equity is completely transferred to another party; on other occasions, the equity is only transferred in part.
Reasons for transferring equity include:
Marriage;
Divorce/separation;
Changing title deeds to include offspring/relatives.
The process can be initiated to transfer the title of a property into joint names or to transfer property ownership from joint names into one name.
Whatever your situation, NewBold Solicitors can help. If you are interested in changing the title to property or land (for any reason), please contact us.
Costs Information
A fixed fee quotation can be obtained using our Conveyancing Quote Calculator (green button at the top of the page) or by clicking here.
All Transfer of Equity quotations will consist of legal costs (the costs for the services provided which are subject to VAT (currently 20%)) and disbursements. Disbursements are necessary third party costs such as Land Registry document and registration fees and Stamp Duty Land Tax/Land Transaction Tax (if applicable) etc.
As a standard and generally speaking, our fixed fee for acting in the Transfer of Equity of a property consists of the following: –
- Checking over the paperwork completed by you.
- Preparing and sending copies of your registered title and documents completed by you to the Buyer’s Solicitor.
- With your help, answering any enquiries (questions) and arranging for you to sign the contract of sale.
- Requesting a settlement figure for your mortgage and any other secured loans (if any).
- Liaising with appropriate parties and arranging a completion date.
- Organising the final accounts and preparing a completion statement.
- Approving the Deed of Transfer and arrange for you to sign it.
- Once contracts have been exchanged the sale is binding and the completion date is fixed:
- Receiving the balance sale money from the Buyer’s Solicitors. Discharging the account in accordance with the completion statement.
Unless otherwise advised, any quotation is given on the basis that:
- The property is currently held under a single freehold/leasehold title at the Land Registry with no title defects and up to one mortgage/charge.
- One contract is submitted to one sale.
- The sale will be on the basis of an unconditional contract and the property is sold with vacant possession.
- Completion takes place on the date agreed in the contract.
Timescale Information
On average a conveyancing transaction takes between 10-15 weeks to complete from issue of the draft Contract Pack although this is very much an average and some transactions will complete sooner and some will take exceed this timescale. More complex transactions such those involving leasehold properties, management companies, transfers of part etc will likely take longer to progress than standard transactions.
As a very rough guide and noting that all transactions can proceed slightly differently and at different timescales due to the complexities involved in a conveyancing transaction, we would consider the key stages to be the very basic stages:
- Issue of the draft Contract Pack to the Buyer’s Solicitors;
- Buyer’s Solicitors carry out their investigation of title, which generally includes obtaining searches and raising additional enquiries. This stage is usually completed whilst other formalities such as mortgage arrangements are undertaken;
- Buyer’s investigation of title and supplemental arrangements are completed and pre-completion arrangements are made (arrangements for exchange of contracts and completion);
- Completion takes place and post-completion formalities are attended to.
If you have any questions regarding our conveyancing sale service, please contact us on conveyancing@newboldsolicitors.com or call 0330 191 5898.