Property Transfer of Equity Solicitors in Stockport
Legal Service for Transfer of Ownership / Equity of Residential Property
Changing Names on Title Deeds
A transfer of equity is the legal process of adding someone to, or removing someone from, the ownership of a property.
When dealing with a transfer of equity, it’s important to note the differences from a regular conveyancing service. A transfer of equity does not require sale searches, reports or certificates. The process depends on whether the transfer involves a payment or non-payment.
Trust our Transfer of Equity Solicitors to guide you through every step of the process, ensuring that all legal requirements are met and your interests are fully protected. Contact us today to find out how we can assist you with your Transfer of Equity needs.
With over 18 years of experience, we offer a professional, client-focused service tailored to your specific needs. Our Manchester-based Transfer of Equity Solicitors, also serving Stockport and Cheshire, provide clear, practical legal advice, ensuring a seamless and stress-free process.
This service covers the transfer of a full property title, not just part of it. If you need to transfer only part of a title, take a look at our transfer land ownership titles service.
We also offer a transfer of equity bundle, which includes this service along with a declaration of trust, providing a complete solution if you’re looking to formalise ownership shares. This may be worth considering depending on your circumstances.
What is a Transfer of Equity?
A transfer of equity is a property transfer that is like a sale in some ways. However, it does not typically involve a stranger-buyer as a normal sale would. Instead, the person acquiring the property is usually someone who knows you or is otherwise connected to the property in some way. There are two common scenarios for a Transfer of Equity:
- The person is acquiring the property at a non-market rate.
- The person is acquiring the property without paying anything, essentially receiving the property title as a gift.
Through this process, the legal rights and responsibilities pertaining to property ownership can be altered in a manner that reflects the changing needs and arrangements of the involved parties.
What are the Reasons for a Transfer of Equity?
There are several situations in which a transfer of equity may be necessary. Some of these include:
- Dealing with the estate of a deceased family member or friend and needing to transfer the property to the beneficiaries named in the will.
- Getting married or having a new partner and wanting to transfer your existing home into joint names.
- Following a divorce or breakdown of a relationship, needing to transfer the interest in your property.
- Receiving advice from your Tax Adviser to transfer a share of the property to another member of the family.
- Wishing to give your share or a share in your property to a family member.
What is the Transfer of Equity Process?
Before our experienced Transfer of Equity Solicitors can begin the process, we must obtain a copy of your title deeds from the land registry. This is essential for us to thoroughly review any outstanding mortgages on the property or any restrictions that may potentially impact the property transaction.
In the case of an outstanding mortgage, it is crucial to obtain the lender’s consent to change the legal owners of the property before we can proceed with the transfer on your behalf.
All current legal owners must agree for the transfer, except in cases where there is a court order requiring the transfer. After meticulously examining the property deeds, obtaining any necessary mortgage lender consent and completing identity checks, our dedicated Transfer of Equity Lawyers will diligently prepare the transfer.
The process will vary depending on whether there’s a mortgage on the property. If you own the property outright, the new and existing owners can promptly sign the transfer deed. However, if there’s a mortgage on the property, the mortgage lender may also need to sign the transfer document.
In order to successfully complete the transfer of equity process, any outstanding Stamp Duty Land Tax must be settled. We will provide thorough guidance on any Stamp Duty Land Tax liability you may have. Once the transfer is signed by all parties and the necessary transfer of equity fees are paid, our skilled Solicitors will ensure the change is promptly registered with the Land Registry.
Do I have to pay Stamp Duty on a Transfer of Equity?
Most likey, yes. When ownership of property is transferred from one person to another and the amount paid for the property exceeds the threshold, Stamp Duty Land Tax (SDLT) will be payable. This applies even if the person receiving the property already owns a share in it.
SDLT may be payable if you are transferring equity to:
- Spouse or Civil Partner following a marriage
- Partner following Separation
SDLT usually isn’t payable if:
- Gifting the Property
- Inheriting the Property
- If you receive a property as part of a divorce court order or agreement
In cases where a payment is involved, a Stamp Duty and Land Tax (SDLT) return may be necessary and transferring funds can be complex. For non-payment transfers, SDLT is usually not required and there are fewer complexities with fund transfer.
It’s important to be aware that certain charges, such as mortgages, may hinder the property’s title transfer. While some charges won’t prevent the transfer, they will still be applicable to the property post-transfer.
Do you need a Transfer of Equity Solicitor?
While not strictly mandatory, engaging a solicitor to manage the transfer of equity on your behalf is highly advisable due to the legal complexities involved. Altering the legal ownership of a property by adding or removing owners from the title deeds is a complex legal process requiring specialised knowledge of property law and conveyancing procedures.
If you’re ready to proceed with a transfer of equity, contact our Transfer of Equity Solicitors. We will expertly guide you through the process and ensure that your interests are protected every step of the way.
How long does a Transfer of Equity take?
Typically 3-6 weeks. Once our Transfer of Equity Solicitors have completed the necessary paperwork, the completed transfer must be submitted to HM Land Registry for registration.
The time HM Land Registry takes to process such a registration varies greatly, depending on their workload. Some applications are processed very quickly, possibly even on the next day.
However, most applications seem to be delayed while awaiting HM Land Registry attention. In 2021, many applications took about 6 months to be registered, and certain types of applications can take even longer.
Once submitted, HM Land Registry processes applications on any title in the order of submission. Therefore, their delay should not affect the priority of your application relative to other matters on that title.
How Much Does a Transfer of Equity Cost?
You can view our price list for a full breakdown of our transfer of equity costs. Our competitive pricing ensures you get excellent value without compromising on the speed or quality of service.
Our fixed fees cover the entire transaction – and because our service is quicker, you’re less likely to face additional costs from delays.
Transfer of Equity (No payment) (£600)
This service is acting in relation to a Transfer of Equity where there isn’t any payment involved.
Transfer of Equity (for payment) (£700)
This service is acting in relation to a Transfer of Equity where some payment is involved.
Transfer of equity on relationship breakdown (£900)
This service is acting in relation to a transfer of equity as a result of relationship breakdown.
Your supplier is CLC-regulated Mounteney Conveyancers Ltd, which charges VAT that some customers may be able to reclaim.
There is more info about our fees here
If you have any questions, require any further information, or would like to engage us on the T&Cs linked Our Terms in the footer below, please don’t hesitate to Contact Us.
Transfer of Equity FAQs
What if there is still a mortgage on the property?
If there is still a mortgage on the property, you will usually need your lender’s consent before the transfer of equity can go ahead. In many cases the lender will also require a solicitor or conveyancer to act, and if one owner is taking over more of the mortgage debt, that can affect how the transfer is structured.
Can I transfer equity to my child?
Yes, you can transfer equity to your child, but the legal and tax position will depend on the circumstances. If there is a mortgage on the property, your lender’s consent will usually be needed, and even where the transfer is intended as a gift, Stamp Duty Land Tax can still arise if your child takes on part of the mortgage debt.
What are the pros and cons of an equity transfer?
A transfer of equity can be useful because it allows ownership of a property to be changed without a full sale, which can make the process simpler and more cost-effective in the right circumstances. However, there can still be important drawbacks, including mortgage lender requirements, possible Stamp Duty Land Tax if someone takes on mortgage debt, and potential tax or ownership complications depending on the wider arrangement.
What is the 7 year rule for transfer of equity?
The 7 year rule usually refers to Inheritance Tax where a transfer of equity is treated as a gift. If you give away all or part of a property and then live for 7 years, that gift will usually fall outside your estate for Inheritance Tax purposes, but if you die within that period it may still be taken into account.
A key point is that the rule does not work in the same way if you continue to benefit from the property, for example by giving part of your home away but continuing to live there without paying a full market rent. In that situation, different rules can apply, so it is sensible to take legal and tax advice before going ahead.
Do you pay capital gains tax on a transfer of equity?
You do not always pay Capital Gains Tax on a transfer of equity. It will depend on the property and the circumstances, for example whether it is your main home, whether the transfer is a gift, and whether the property has increased in value in a way that creates a chargeable gain. HMRC’s guidance confirms that Capital Gains Tax can arise on a disposal of property, but reliefs may apply, including in some cases for a main residence.
Contact our Transfer of Equity Solicitors
If you are considering an Equity Transfer, it is crucial to seek expert legal advice to ensure the process is handled efficiently and accurately. Our experienced team of Transfer of Equity Solicitors in Manchester are here to assist you every step of the way.
We offer a professional and personalised service, ensuring that your transaction is handled with the utmost care and attention to detail. Whether you are adding a new partner to the property deed, removing an ex-spouse, or restructuring ownership for other reasons, we are here to provide you with clear, straightforward advice and support.
Contact us today to book a consultation with one of our specialist solicitors in Stockport, we have offices conveniently located in Bramhall, Cheadle, Hazel Grove and Heald Green. Our residential property solicitors serve clients throughout the Stockport and Manchester area including Altrincham, Hazel Grove, Poynton, Wilmslow and Sale.
Trust Mounteney Solicitors to make your Transfer of Equity a seamless and stress-free experience.
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