Transfer Of Equity
A transfer of equity is an industry term for whenever a change is made to the ownership of a deed of a house.
Examples of an equity transfer could be adding a spouse to the deed after marriage, removing a friend’s name after buying them out their share, or even changing ownership entirely (such as a parent transferring a property to their child).
The term comes from the equity in a house; if you own a house worth £300,000 and you have a mortgage of £100,000, then your equity is £200,000. If you sold the property, the £300,000 would be split according to what is written on the deed. In this instance, £200,000 would go to the property owners and £100,000 to the mortgage lender.
How does it work?
- We’ll talk through your needs and provide you with a fixed quote.
- Once you accept the quote, our solicitor will send you all the necessary paperwork immediately.
- Simply return the paperwork signed, complete with your certified copies of ID and proof of address. Once all parties on the deed have given permission – including the lender – a deed of transfer will be granted.
- Documents will be signed by parties coming onto or leaving the deeds.
- We will complete the appropriate documents at the Land Registry, and will register additional items.
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Our Transfer of Equity fees start from £300 plus VAT, with typical disbursements for a standard transaction being around £100.