Transfer of equity involves changing the ownership of a property without selling it. Understanding transfer of equity stamp duty is crucial for planning costs. Our experienced transfer of equity solicitors handle all aspects including stamp duty guidance, whether you're adding a partner, removing an ex-spouse, or transferring property to family members.
We handle various transfer of equity situations:
We discuss your specific situation and requirements to understand the transfer needed and any mortgage implications.
If there's a mortgage, we obtain lender consent and prepare all legal documents for the transfer.
We conduct necessary searches and title checks to ensure the transfer can proceed smoothly.
We complete the transfer and register the ownership change at Land Registry, updating the legal title.
Transfer of equity typically takes 4-6 weeks, though this can vary depending on mortgage lender requirements and whether additional searches are needed. Transfers without a mortgage are usually quicker.
Yes, if there's a mortgage on the property, you must get lender consent before proceeding. The lender will assess whether the remaining owners can afford the mortgage. We handle this process for you.
Stamp Duty Land Tax (SDLT) on transfer of equity may be payable depending on circumstances. If you're transferring equity and there's an existing mortgage, or if money is changing hands, SDLT may apply. Our transfer of equity solicitors can guide you through the SDLT rules and help you understand if you'll need to pay stamp duty on your transfer of equity.
Yes, you can transfer property to family members. However, there may be tax implications including capital gains tax and potential inheritance tax considerations. We advise discussing this with a tax specialist.
Transfer of equity changes property ownership, while remortgaging changes the mortgage without affecting ownership. Often both happen together, such as when adding a partner who will share mortgage responsibility.
Homemove is a trading name of HM Haus Group Ltd (Company No. 13873779, registered in England & Wales). Homemove Mortgages Ltd (Company No. 15947693) is an Appointed Representative of TMG Direct Limited, trading as TMG Mortgage Network, which is authorised and regulated by the Financial Conduct Authority (FRN 786245). Homemove Mortgages Ltd is entered on the FCA Register as an Appointed Representative (FRN 1022429). You can check registrations at NewRegister or by calling 0800 111 6768.
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