Transfer of Equity
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Lawyers for Transfer of Property Title
Our Transfer of Equity Solicitors provide clear, practical advice to support every stage of changing property ownership. From adding or removing a name on the title to restructuring ownership for estate planning or tax purposes, we ensure the process is completed efficiently and with full legal protection.
With more than 35 years of experience in Residential Conveyancing, Clifford Johnston & Co. is a trusted name across Stockport, Manchester and the wider North West. Clients choose us for our straightforward approach, our attention to detail and our commitment to securing the best possible outcome in every case.
A transfer of equity is more than just paperwork. Whether arising from separation, marriage, family arrangements or financial planning, it carries important legal and financial implications. That’s why our team takes a proactive approach, anticipating issues before they arise and keeping you fully informed at each step.
As accredited members of the Law Society’s Conveyancing Quality Scheme (CQS), we deliver a service recognised for quality and client care. You can expect honest advice, regular updates and complete transparency on fees, giving you confidence that your property matter is in safe hands.
How Our Solicitors Can Help
Our Transfer of Equity Solicitors offer expert support on matters involving:
- Changes to property ownership following marriage, separation or divorce
- Gifting equity to children or other family members
- Purchasing or transferring shares between co-owners
- Restructuring legal ownership for tax or estate planning purposes
- Transfers involving mortgage lender consent or remortgaging
We act swiftly and proactively to manage all legal documentation, liaise with lenders and third parties where needed, and ensure your transfer is registered with HM Land Registry without delay.
Clients come to us for our depth of knowledge, our local roots, and our commitment to service. Whether you’re in Didsbury, Heaton Moor, Chorlton, Cheadle, or the city centres of Manchester or Stockport, we are here to provide prompt, personal advice tailored to your situation.
Call us today or complete the form below to speak with one of our residential property specialists.
What is a Transfer of Equity?
A transfer of equity is the legal process of changing the ownership of a property without selling it on the open market. It typically involves either adding a new person to the title deeds or removing an existing owner, while at least one of the original owners remains on the title.
The term “equity” refers to the share of the property you own outright. It’s calculated by subtracting any outstanding mortgage from the property’s current market value. For example, if your home is worth £300,000 and you owe £200,000 on the mortgage, your equity is £100,000.
- Transfer of equity is commonly required in a range of circumstances, including:
- When a couple marries or begins cohabiting and wish to share ownership
- As part of divorce or separation arrangements
- To gift a share in a property to a child or family member
- When buying out a co-owner’s share in the property
- For estate or tax planning purposes, such as forming a trust or changing the ownership structure
Regardless of your reason, it’s vital to get the legal structure right from the outset. Our team will explain the implications of different ownership types, such as joint tenants or tenants in common, and ensure the transfer is executed with minimal disruption and maximum legal protection.
Do I Need a Solicitor for a Transfer of Equity?
Yes, although the transfer of equity process may appear straightforward, it involves complicated legal formalities, especially where there is an existing mortgage or when tax liabilities may arise.
A solicitor is required to prepare and submit the legal documentation correctly, ensure compliance with Land Registry rules, and advise on issues such as:
- Whether Stamp Duty Land Tax (SDLT) applies
- How to structure the ownership if there is joint tenants or tenants in common
- Mortgage lender consent and legal obligations of new or remaining owners
- Protecting your rights and interests, particularly in the event of a relationship breakdown or financial contribution from third parties
In cases where the property is mortgaged, your lender must approve the transfer before it can proceed. The person being added will usually be required to undergo affordability checks, and if a party is being removed, a lender will want assurance that the remaining owner can cover the mortgage independently.
At Clifford Johnston & Co., we provide an end-to-end service that takes care of all the legal requirements, from title review and lender liaison to drafting and executing the TR1 transfer deed, registering the change with HM Land Registry, and handling any necessary tax declarations.
By instructing a qualified solicitor, you avoid costly errors, ensure the transaction is legally sound, and protect your long-term financial position.
What is the Transfer of Equity Process?
At Clifford Johnston & Co., we handle the transfer of equity process with precision and professionalism, ensuring every legal requirement is met and every client is kept fully informed. The key stages typically include:
Step 1: Title Review
We begin by obtaining an official copy of the property’s title from HM Land Registry. This allows us to check the current ownership structure, confirm any registered mortgages or restrictions, and assess whether the property is freehold or leasehold.
Step 2: Lender Consent (if applicable)
If there is a mortgage on the property, the lender’s permission is essential before proceeding. We will work with you to obtain their consent or discuss remortgage options if required. In some cases, the lender may insist on a full remortgage in the new ownership structure.
Step 3: Drafting the Transfer Deed
Once the necessary checks are completed, we will prepare the TR1 transfer deed and advise on the legal implications of the transfer. This includes clarifying the ownership structure (joint tenants or tenants in common) and whether the transfer involves any consideration or payment.
Step 4: Signing the Documents
All parties involved must sign the transfer deed in the presence of a witness. Where applicable, we will also arrange for the completion of lender documentation and any declaration of trust needed to reflect the new ownership shares.
Step 5: Stamp Duty Land Tax (if applicable)
Where consideration is given, such as taking on a share of the mortgage, we will calculate any Stamp Duty Land Tax liability and submit the necessary return to HMRC on your behalf.
Step 6: Land Registry Submission
We then submit the signed TR1 and supporting documents to HM Land Registry to update the title and formally complete the transfer. We will provide confirmation once registration is complete and issue you with the updated title documentation.
Every transaction is different, but most straightforward transfers of equity are completed within 3 to 6 weeks, depending on whether a mortgage or additional complications are involved.
Stamp Duty and Other Costs in a Transfer of Equity
A transfer of equity may trigger various costs, including legal fees, Land Registry charges, and potentially Stamp Duty Land Tax (SDLT). Understanding these costs from the outset is essential to avoid surprises later in the process.
Stamp Duty Land Tax (SDLT)
SDLT may be payable where the transfer involves “consideration”typically, this means that the person acquiring equity either pays money or takes on an existing mortgage liability. For example, if you are transferring a 50% share of a property and the person receiving it also assumes half of an outstanding mortgage, the value of that mortgage share is considered as consideration for tax purposes.
SDLT will not usually apply in the following circumstances:
- The transfer is part of a divorce or dissolution of a civil partnership
- There is no mortgage and no money or value changes hands
The rules can vary depending on individual circumstances, including whether the property is a second home or if the person acquiring equity is a non-UK resident. We will assess your situation and advise you clearly on whether SDLT is payable and how much.
Other Costs
In addition to SDLT, there may be:
- Land Registry fees: These depend on the value of the property and whether the application is submitted online or by post.
- Legal fees: Our fixed fees for a standard transfer of equity start from £[insert firm rate here], inclusive of all essential legal work. We’ll always confirm costs in writing before proceeding.
- Disbursements: These may include ID verification fees, office copy entries from HM Land Registry, and notice fees for leasehold properties.
At Clifford Johnston & Co., we pride ourselves on cost transparency. You’ll receive a clear quote at the outset and won’t be charged for anything without prior agreement.
Frequently Asked Questions for Transfer of Equity
How long does a transfer of equity take?
Most straightforward transfers of equity can be completed within three to six weeks. Timescales depend on factors such as whether there is a mortgage involved, how quickly third parties such as lenders respond, and whether any additional documents or consents are required.
Can I transfer equity if there’s a mortgage on the property?
Yes, but your mortgage lender must agree to the change in ownership. They will want to ensure that the new or remaining owner is financially able to maintain the mortgage. If the lender refuses consent, the transfer cannot proceed unless the mortgage is paid off or refinanced.
Will I need to pay Stamp Duty Land Tax?
Stamp Duty may be payable if the person acquiring equity pays money or takes on responsibility for part of the mortgage. We will assess your circumstances and advise whether any tax is due. In cases such as transfers following divorce or as gifts without consideration, SDLT may not apply.
Can I remove someone from the title deeds without their consent?
No. All existing legal owners must agree to the transfer unless you have a court order requiring it, such as in divorce proceedings. Consent is a key legal requirement for any change in ownership.
Can I gift equity to a family member?
Yes, gifting equity is common and can form part of inheritance tax or financial planning. However, legal and tax implications must be carefully considered, particularly if the property has a mortgage.
Is a valuation required before transferring equity?
Not always, but if money is changing hands or equity is being transferred in exchange for value, a formal valuation is often recommended to avoid disputes or ensure tax accuracy.
Can a transfer of equity be reversed?
Once registered with the Land Registry, reversing a transfer requires a new legal transaction. This can be complicated and may involve tax and legal implications, so it should only be done after taking proper advice.
Contact our Transfer of Equity Solicitors
If you’re considering a transfer of equity, speak with the residential property experts at Clifford Johnston & Co. today. We understand that changing the legal ownership of a property is often prompted by personal or financial changes, and we are here to provide the reassurance, clarity and legal precision you need.
We have over 30 years of experience supporting homeowners across the North West with complex residential property matters. Our Residential Property Solicitors are experienced in all aspects of conveyancing, including transfers involving mortgages, separation, gifting, and tax planning. We will handle your transaction swiftly, accurately, and with full transparency on fees and timescales from the outset.
We have offices in Manchester and Stockport and regularly act for clients across the North West, including Didsbury, Heaton Moor, Chorlton, Cheadle, Sale, Altrincham, and the city centres. Wherever you’re based, our service is designed around you, with face-to-face meetings available alongside remote support via phone, email, or video call.
Call our Transfer of Equity Solicitors today to arrange a free initial consultation or complete the enquiry form below. We’re ready to help.
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