Find a Solicitor for your Transfer of Equity

How our transfer of equity property solicitors can help

Transferring ownership of a property, also known as a transfer of equity, involves changing the legal title to reflect a new ownership structure. This could mean adding a partner to a property deed, removing an ex-spouse or transferring shares in a family home. Our experienced transfer of equity property solicitors make the process straightforward and protect your interests at every step.

Why choose Lawhive for your transfer of equity property solicitor?

At Lawhive, we make legal support accessible, efficient, and stress-free. Here’s why our clients trust us for transfer of equity services:

• Expertise in property law: Our property solicitors specialise in property transfers, bringing years of experience and detailed knowledge of equity arrangements. From simple deeds to intricate disputes, we have the expertise to handle it all.
• Fixed pricing: We provide fixed-fee pricing, so you’ll know exactly what to expect from the outset. No hidden costs, no surprises - just clear, affordable legal support.
• Cheaper services: You shouldn't have to overpay for expert legal advice. Lawhive’s services can be up to 50% more affordable than traditional firms, offering high-quality assistance without breaking the bank.
• Fast and efficient support: Property transfers often need to be completed quickly. We connect you with a dedicated solicitor in as little as two working days, ensuring your transfer stays on schedule.

Who are our solicitors?

Our solicitors are carefully vetted to provide expert guidance and a client-focused approach. Here’s why you’re in safe hands:

• Fully qualified and regulated: All our solicitors are regulated by the Solicitors Regulation Authority (SRA), ensuring they meet the highest professional and ethical standards.
• Specialists in property law: Our team has extensive experience in residential property transfers, including complex equity arrangements. They know the legal intricacies inside and out, ensuring every case is handled with precision.
• Proven track record: We only work with solicitors who consistently deliver positive results for clients. Their success in handling transfer of equity cases, combined with excellent client feedback, ensures you’re working with the best.
• Personalised, approachable service: We believe legal advice should be accessible and clear. Our solicitors explain your options in plain English, tailoring their approach to meet your specific needs.

How much does a transfer of equity property solicitor cost?

The cost of hiring a solicitor for a transfer of equity depends on the complexity of your case. At Lawhive, prices start at just £189 for an initial consultation and case assessment. Full representation for a freehold property can be £399 (not including title deeds), and for a leasehold property, it can be £549 (not including the leaseholder content request and title deeds). You’ll receive a fixed-fee quote tailored to your situation, ensuring transparency and no unexpected charges.

What other costs are there?

Beyond just solicitor fees, other costs may apply when transferring equity in a property. Your solicitor will explain all potential costs upfront and help you manage them effectively. These might include things like:

1. Land Registry fees: Costs for updating the title register vary based on the property’s value.
2. Stamp Duty Land Tax (SDLT): SDLT may apply if the transfer involves financial consideration, such as a mortgage.
3. Mortgage lender fees: If a lender is involved, they may charge an administrative fee for processing the transfer.
4. Independent valuations: In some cases, a property valuation may be required to establish market value.

What is the legal process for a transfer of equity?

Transferring equity in a property involves several key steps. Here’s what to expect:

1. Initial consultation

Your solicitor will discuss your situation, explain your legal position and outline the steps involved in the transfer. This ensures you understand your rights and obligations from the start.

2. Drafting and reviewing documents

Your solicitor will prepare the transfer deed and any related documentation, such as lender consent forms or declarations of trust. They’ll also review any existing agreements to ensure accuracy and compliance.

3. Gaining lender consent (if applicable)

If there’s an existing mortgage, your solicitor will liaise with the lender to obtain their approval for the transfer. They’ll ensure the mortgage terms reflect the new ownership arrangement.

4. Signing the transfer deed

All parties involved in the transfer will need to sign the deed. Your transfer deed solicitor will oversee this process to ensure the documents are executed correctly.

5. Registering the transfer with the Land Registry

Your solicitor will submit the transfer deed to the Land Registry, along with any required supporting documents. They’ll ensure the title is updated accurately to reflect the new ownership.

6. Addressing tax obligations

If Stamp Duty Land Tax or other taxes apply, your solicitor will calculate the amount and ensure timely payment.

7. Finalising the transfer

Once all documents are processed and fees paid, your solicitor will confirm the successful completion of the transfer. You’ll receive an updated title register reflecting the new arrangement.

What can make the process more complex?

While many transfers of equity cases are straightforward, certain factors can complicate the process. It’s essential to be aware of potential challenges and have expert legal guidance to navigate them effectively. Here are some of the most common complexities:

1. Existing mortgages: If the property is mortgaged, lender consent is required to proceed with the transfer.
2. Financial consideration: If the transfer involves payment or a change in financial responsibility, such as taking over a share of the mortgage, this can trigger Stamp Duty Land Tax (SDLT) liabilities.
3. Disputes between parties: In cases of relationship breakdowns or inheritance disagreements, conflicts can arise over the terms of the transfer. Mediation or legal representation may be needed to resolve these disputes.
4. Inheritance and gifting complications: Transferring property as part of an inheritance or gift can have tax implications, including inheritance tax and Capital Gains Tax. These situations often require additional documentation and expert tax advice.
5. Unregistered properties: If the property isn’t registered with the Land Registry, additional steps will be required to register it before the transfer of equity can take place.
6. Regulatory or legal restrictions: Properties with legal restrictions, such as shared ownership schemes, may require additional approvals or processes to complete the transfer.
7. Third-party involvement: Third parties, such as guarantors, trustees, or co-owners, may need to consent to the transfer.
8. Disputes over valuations: If parties disagree on the property’s value or the share being transferred, an independent valuation may be required, potentially leading to delays.

Types of transfer of equity cases we handle

Our solicitors are experienced in managing a wide range of transfer of equity scenarios, including:

• Adding a partner to a property: Including a spouse, partner, or family member on the property deed.
• Removing an ex-partner: Transferring ownership after a relationship breakdown or divorce.
• Inheritance transfers: Updating ownership following the inheritance of a property.
• Tax planning and gifting: Transferring property as part of tax planning or gifting arrangements.
• Equity adjustments for joint owners: Changing the proportions of ownership between joint owners.

Transfer of equity and inheritance tax explained

Sometimes, if a person wants to leave a property to a loved one and reduce the inheritance tax they might have to pay on it, they may consider transferring their share of the property to them. In some cases, they can help avoid inheritance as, if you transfer the property as a gift, it might not be considered part of your estate. However, there is a catch. If you transfer property and die within seven years of that action, it could still be counted as part of your estate valuation for inheritance tax.

Therefore, it's a good idea to speak to a solicitor or financial advisor before taking action in this regard to ensure you know all the options available to you to make an informed decision.

What is the 7-year rule for a transfer of equity?

If you give away a property or a share of it, there's a 7-year rule for inheritance tax. This means, that if you die within 7 years, the gifted property may be subject to inheritance tax, however, this tax does decrease over time. That being said, if you don't die within 7 years of making a gift, the property or share of the property will not be factored into the value of your estate.

References

• Stamp Duty Land Tax Act 2015
• Stamp Duty Land Tax from Gov.UK
• Capital Gains Tax from Gov.UK
• HM Land Registry

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