To alter the legal ownership of a property, solicitors in london you must go through the legal procedure of “transferring equity,” which is defined as “transferring ownership of a property from one person to another.”
Circumstances that necessitate a transfer of equity include:
If two people own two homes, they frequently decide on one matrimonial home.
Accountants often advise property owners to transfer ownership of their property to their children or other members of their family.
Even if a transfer of equity seems to be a straightforward procedure on the surface, it is important to remember that it is a legally binding transaction.
When transferring equity, how are the property portions divided up?
In England and Wales, two persons may be either Joint Tenants of a property or Tenants in Common of a property, depending on their relationship to the property.
If one of the partners passes away, the other partner automatically becomes the sole owner under the ‘Right of Survivorship’ clause. When it comes to property transfer after death, as a joint tenant, you are unable to transfer half of the property to anybody else other than your spouse.
Tenants in common
Tenants in common may still possess 50 per cent of the property each, or they can hold other percentage interests in the property if they so want. When one party has made a larger financial contribution to a property, it is typical for both parties to have different percentage interests in the property. Your conveyancing solicitor will advise you on the best joint tenancy arrangements for you and your family solicitors in london.
If the property is subject to a mortgage, the lender’s approval will be necessary before the transfer of equity solicitor may help you complete the process.
You must either pay off the mortgage first or remortgage with another lender who will lend to the new owner if the lender agrees to allow you to refinance (s).
When it comes to the transfer procedure, the solicitors in london will examine the deeds, verify the owners’ identities, and draught the transfer document. Last but not least, the Land Registry must be notified of the transfer deed of the house.
How long does it take to complete a transfer of equity?
Typically, the whole transfer of equity procedure takes between 4-6 weeks to complete in total. If your lender is taking a long time to submit their approval to the transfer, an experienced conveyancer may be quite helpful in keeping things going forward as quickly as possible.
How much does an equity transfer cost?
transfer of equity solicitors’ costs is often depending on a number of criteria, including the valuation of the property, whether or not you are also remortgaging, and whether or not the property is leasehold. Most of the time, these costs range from £100 to £500, including VAT at a rate of 20%.
There are also disbursements, which are the fees and costs that your lawyer incurs on your behalf. During the transfer of ownership of property, they often entail online identification verification and acquiring an official copy of the solicitors in london title (a few pounds each).