What is Transfer of Equity?
A transfer of equity involves changing the legal owners of a property. It’s essential that you get expert legal advice when transferring title and/or equity as it can result in a notable change in circumstances for you and anyone else involved.
Services Provided by our Transfer of Equity Solicitors in Sheffield, Barnsley & Rotherham
Our Property & Conveyancing specialists can support you to explore the option of equity transfer in the following circumstances:
Marriage
If you are getting married, or entering into a civil partnership, you may wish to share ownership.
Divorce or Separation
You may wish to remove a name from the title deeds when a relationship ends.
Tax Planning
It may be beneficial to share ownership with children or other family members, in order to mitigate future inheritance tax liabilities.
Forming a Trust
You may wish to protect property assets on behalf of a loved one who has difficulty managing their own finances.
Change of Circumstances
You may wish to realign shares of a co-owned property, or buy out a co-owner.
The Transfer of Equity Process
The transfer of equity process begins with ensuring you have an official copy of the title forro the property which will be used to check if there are any mortgages on the property or any other restrictions involved. Then, the conveyancer will:
- Review the title deeds or property deeds
- Check the identity of the clients
- Prepare the transfer deed
How Long Does a Transfer of Equity Take?
A transfer of equity typically takes approximately 4 – 6 weeks, but this is dependent on several factors. We will be able to give a clearer estimate on discussion of your case.
If there is a mortgage on the property, the transfer will take longer as you will have to wait to receive written consent from any lenders involved.
Transfer of Equity FAQs
When Would a Transfer of Equity Take Place?
A transfer of equity can happen in a situation where someone wishes to leave or join a property deed. You can transfer equity to a new partner or another family member or gift it to your children. You can transfer equity to an existing partner, at least one existing owner must remain on the deed when the transfer is complete.
Can I Transfer Equity to Someone Under 18?
Yes, you can transfer equity to someone under 18, however, there can’t legally hold the property so to get around this, you will need to set up a trust deed. When they turn 18, they will legally receive the equity.
What is a Transfer Deed?
A transfer deed is a legal document which officially transfers the ownership of a property.
Do Both Parties Need a Solicitor for Transfer of Equity?
It is recommended that where a conflict of interest could come up during the transaction or in the future, the same solicitor should not act for both the transferor and transferee.
Why Choose the Howells Solicitors Property & Conveyancing Team
Client Feedback
We consistently receive 5-star feedback from our clients, and 99% of past clients would recommend us to their friends and family. We rank as the number 1 law firm for property and conveyancing in Rotherham and Barnsley, and number 3 in Sheffield on Reviewsolicitors.
Competitive Prices
We strive to deliver top-quality legal services at competitive rates, meaning you will receive the best service no matter what the price you pay.
Professional Service
Our Property & Conveyancing specialists are highly regarded in the industry and receive fantastic feedback on their professionalism, whilst being down to earth and offering a personalised service to each client.
Guidance and Support
We aim to make the conveyancing process stress free and easy. We’re with you every step of the way and we are there to offer advice to keep your mind at ease. We also communicate regularly, openly, and sensitively. We are always ready to listen.
Transparency
What we quote for is what we do and we make sure you are fully aware of the mystery about the legal process, so you have no fears or worries. We are also fully transparent with all of our costs, and will explain you all costs involved with your transaction from the outset.
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