Transfer Of Equity
Do I need a conveyancing solicitor when transferring equity?
Yes. If you are transferring equity on a mortgaged home you will need a solicitor to carry out all the legal work needed to complete the transfer.
If there is no mortgage then you do not need to use a solicitor. However, the process can be complex for the uninitiated. A conveyancing solicitor’s transfer of equity fees are usually inexpensive so most people prefer to use a solicitor.
What does the conveyancing solicitor do on a transfer of equity?
A Transfer of Equity occurs when an existing owner of a property either adds or removes one or more people to the title (ownership) of the property. This can occur for a number of reasons such as when a couple gets married or separates.
A solicitor will work closely with you, the previous and new owner and the mortgage lender to ensure that:
- The title deeds are reviewed
- Transfer deeds and other legal documents are completed
- The new interests are registered at HM Land Registry
Read more: The transfer of equity process explained.
How long will the process take?
The conveyancing for a transfer of equity usually takes around 4 weeks. If there is a remortgage involved the process can take longer.
If the property is leasehold it can take longer if, for instance, the freeholder creates delays. If the property is leasehold it makes sense to notify the freeholder of the intention to transfer equity as early in the process as possible
Can Quittance also act for my mortgage lender?
Yes. If the property is mortgaged, the solicitor will also need to act for the mortgage lender. To be able to do this, the solicitor will need to be on the lender’s approved panel of conveyancing solicitors.
Your conveyancing solicitor can complete the transfer of equity process for all UK lenders.
What if I am also remortgaging?
You may also be remortgaging the property at the same time as transferring equity. Ukconveyance can combine the remortgage and transfer of equity work and the panel of solicitors can act for all UK lenders.
How much does transfer of equity conveyancing cost?
There is considerably less work involved in transfer equity conveyancing than there is with a sale or purchase. Additionally, there are fewer disbursements, e.g. full property searches are not required.
A quote for remortgage conveyancing fees should include:
- Conveyancing fee £250 – £900
- TT Fee £15 – £35
- Priority search £3
- Bankruptcy search £2 – £12
- Official copies £3 – £18
- ID verification £8 – £20
- Searches or search indemnity fee £30 – £350
- HM Land Registry fee £20 – £135