Transfer of Equity
When changing hands, needs a helping hand.
Obtaining a title for the property
First, we'll need an official copy of the title for the property, we'll check if there's a mortgage on the property and if there's any restrictions.
Appointing a Conveyancer
After you've appointed a conveyancer, we can help you with this if needed. They will then:
- Add your spouse to your property's deed if you have recently married or remarried
- Remove your ex-partner from the deed if you have divorced
Mortgage or no mortgage, that is the question.
If there's a mortgage on the property, then you'll need the consent of the mortgage lender to go ahead with the transfer of equity. This is because if you are adding someone to the title, so they'll become equally liable for the mortgage.
If the mortgage lender does not agree to the transfer, then you'll need to repay the mortgage before you can go ahead with the transfer. This can either be with a cash payment or a remortgage with a different lender who agrees to the transfer, we can assist in finding a lender to remortgage the property.
If there are no mortgages on the property, the existing and new owners of the property need to sign the transfer deed in the presence of a witness, then the conveyancer registers the transfer deed at the land
Registry. A stamp duty certificate is needed if the value of the transaction is over £40,000