Transfer of equity solicitors

Our residential property solicitors advise homeowners across England and Wales on transfers of equity, providing clear guidance on the legal process and dealing with mortgage lenders and HM Land Registry on your behalf.

Whether you are adding a partner to your property, changing ownership after separation, or restructuring a jointly owned home, we can guide you through the process from start to finish.

How our transfer of equity solicitors can help

Our solicitors can advise on transfers of equity involving:

• Adding a spouse or partner to the ownership of a property.
• Removing an owner following separation or divorce.
• Transferring a jointly owned property into one person's sole name.
• Changing the shares held by existing owners.
• Transferring a share of a property to a family member.
• Transfers connected with a remortgage.
• Changes to the way a jointly owned property is held.
• Transfers involving gifted interests in property.

We can review the existing ownership, advise on the steps required and prepare the legal documentation needed to complete and register the transfer.

Transfer of equity with a mortgage

Where a property is subject to a mortgage, the lender will usually need to consent to any change in ownership.

If someone is being added to the property, the lender may need to carry out affordability and eligibility checks before agreeing to add them to the mortgage.

Where an owner is being removed, the lender will usually need to be satisfied that the remaining owner can meet the mortgage payments before releasing the outgoing owner from their obligations.

In some circumstances, a transfer of equity takes place alongside a remortgage. Our solicitors can deal with the property transfer and lender requirements as part of the same transaction.

Adding or removing someone from a property

There are many reasons why property ownership may need to change.

You may have bought a property in your sole name and now want to add your spouse or partner. Alternatively, a relationship may have ended, and one person may be retaining a previously jointly owned property.

Transfers can also arise between family members or where existing owners want to change their respective interests in a property.

Legal and financial considerations depend on the circumstances, so getting advice before the transfer can help identify issues early.

Joint ownership and declarations of trust

Where a transfer results in two or more people owning a property, consideration should be given to how their beneficial interests will be held.

Joint owners may hold the beneficial interest as joint tenants or tenants in common. Where owners are contributing different amounts or want to hold unequal shares, a declaration of trust may also be appropriate to record their respective interests.

Our solicitors can advise on the ownership arrangements as part of the transfer and ensure the legal documentation reflects the agreed terms.

Stamp Duty Land Tax and transfers of equity

Stamp Duty Land Tax (SDLT) can apply to a transfer of equity depending on the circumstances.

Importantly, SDLT can sometimes arise even where no money is changing hands. If the person receiving an interest in the property also assumes responsibility for part of an existing mortgage, that mortgage liability can form part of the chargeable consideration for SDLT purposes.

Different rules can apply depending on the reason for the transfer, including certain transfers following divorce or separation.

We can advise on the SDLT requirements associated with the conveyancing transaction. Where wider tax advice is required, you may also need advice from a specialist tax adviser.

The transfer of equity process

The exact process will depend on the property, its existing ownership and whether there is a mortgage, but our solicitors will typically:

• Review the registered title and existing ownership.
• Confirm how the property will be owned following the transfer.
• Liaise with the mortgage lender where required.
• Prepare the transfer documentation.
• Deal with any lender requirements.
• Handle the SDLT requirements associated with the transaction, where applicable.
• Arrange for the necessary documents to be signed.
• Complete the transfer.
• Apply to HM Land Registry to register the new ownership.

We will explain what is required at each stage and keep you updated throughout the transaction.

Why choose SO Legal for a transfer of equity?

Our residential property team advises homeowners on a wide range of property transactions, including transfers of equity, remortgages and changes to property ownership.

We understand that the circumstances behind a transfer can vary considerably. Some are straightforward changes between family members or partners, while others form part of more complicated financial arrangements.

Our solicitors will take the time to understand what you are trying to achieve, identify any mortgage or ownership issues and guide you through the legal requirements needed to complete the transfer.

With offices in London, Bath, Brighton, Eastbourne, Hastings and Ulverston, we advise clients on residential property matters across England and Wales.

Speak to our transfer of equity solicitors

If you are adding or removing someone from the ownership of a property or otherwise need to change how a property is owned, our residential property solicitors can help.

Contact our team today to discuss your transfer of equity and the next steps.