Transfer of Equity
A Transfer of Equity is the process when someone is either added or removed from the title deeds.
It is a reasonably straightforward transaction provided that all parties, including any Lender or Building Society, agree. There are circumstances that Stamp Duty Land Tax will be payable to HM Revenue and Customs which we will be able to offer the professional advice to ensure that everything is as smooth and stress free as possible
Residential property owners may wish to change the legal ownership/status (transfer equity) of a property for a number of reasons, some of which are listed below:
- Marriage: transfer of title of the matrimonial home into joint names.
- Divorce or separation: to transfer property ownership from joint names into one sole name.
- Tax planning: to transfer a share of the family home into the name of a child/family member.
- Adjustment of financial shares: to change a percentage in the property ownership.
The Land Registry will charge a fee for changing the owners of the property and how much they will charge depends on a number of factors such as how much the property is worth, the value of the mortgage etc. This will cost a minimum of £40.00.