Transfer of Equity

Transfer of Equity Solicitors in Gloucestershire

If you wish to change the ownership status of your property, either to add or remove one or more people from the register, other than yourself, you will need to put in place a Transfer of Equity. Ideally, you should seek advice from a property solicitor or licenced practitioner, as this can include complex forms and procedures, especially if there is a mortgage on the property or any possibility of a dispute regarding the change of ownership.

Langley Wellington can provide you with all the advice you need. Our experienced and helpful property team can guide you through the transfer of equity process and ensure you are fully aware of any tax implications that may apply.

To speak to our residential property team today about transfer or equity or equity release, you can call us on 01452 545 678, email us at lawyers@langleywellington.co.uk or make an online enquiry here. 

Transfer of Equity Solicitors Cheltenham and Gloucester

Transfer of Equity is not the same as selling the property, as at least one of the property’s original owners will stay the same. Transfer of equity is used in several circumstances; the most common reasons include:

• If you are dividing assets due to a separation or divorce – the property is often the most significant asset.
• Marriage, Civil Partnership or moving in with a partner – to add a new partner to the deed of a property you already own.
• You need to buy out the equity of a joint owner you originally purchased the property with
• If you wish to be more tax-efficient, such as transferring equity to your children or other family members. However, you should seek appropriate legal advice regarding your tax liabilities.

In most cases, if all parties agree on the outcome, the process can be relatively straightforward. However, matters can become more complex if there are disputes regarding the change of ownership or if there is a mortgage remaining on the property.

Regardless of the reason for wanting to transfer the equity of a property, or the complexities of your case, our specialist transfer of equity solicitors in Cheltenham and Gloucester are here to help.

We will guide you through the entire process, taking you through the steps of a transfer of equity, which includes:

• Reviewing the title deeds from the Land Registry– We will also check for restrictions on the property or mortgage liabilities.
• Preparing the transfer deed documents ready for signature
• Notifying third parties – We will assist with obtaining consent from any third party involved, such as a mortgage lender, bank or building society.
• Land Registry Fee – You will need to pay a fee to the HM Land Registry, depending on the type of application. To calculate the correct cost, see HMLR Fee Calculator.
• Registration of the deed transfer at the Land Registry – your solicitor will send the completed forms and correct fee to the HM Land Registry.

Transfer of Equity to someone under 18

We can also provide expert advice regarding transferring equity to someone under 18, such as one of your children. Currently, if you wish to transfer equity to someone under the age of 18, regardless of whether they are related, you will need to set up a trust deed. Legally, someone who is under 18 cannot hold the property in their name. However, this document allows for a trustee to hold the property until the person turns 18 and the equity is transferred to them.

Langley Wellington have the knowledge and expertise to advise you on all the requirements for setting up and managing an appropriate trust along with any inheritance tax implications.

To speak to our residential property team today about transfer or equity or equity release, you can call us on 01452 545 678, email us at lawyers@langleywellington.co.uk or make an online enquiry here. 

Transfer of Equity Solicitors Gloucester and Cheltenham

Langley Wellington has provided exceptional residential conveyancing services in Gloucester and Cheltenham and to clients across the UK for many years. Cotswold Conveyancing Centre became the first legal practice in Gloucester to secure the Law Society’s CQS Accreditation from The Law Society – the mark of excellence for the home buying process. Cotswold Conveyancing Centre is also a member of The Conveyancing Association.

Further Legal Advice

We can also provide specialist legal advice on other areas of law that may be relevant, depending on your reasons for wanting to transfer equity in a property.

• Wills, Probate, Tax and Estate Planning – you may need advice regarding drafting or updating a will or inheritance advice.
• Family Law – our specialist legal team can provide advice and guidance on all family law matters, including divorce, cohabitation, and child law matters.

Get in Touch

To find out more about our residential conveyancing services or to speak with our team, call 01452 545678 or make an online enquiry. We have offices in Cheltenham and Gloucester. To find out more visit Contact us.