Transfer of Equity Transaction
Considering transferring of equity?
Legal Support
Owning a home is about more than simply moving in. There are a lot of legal documents that come with a transaction like this, pushing those who own property to seek the help of experts when they want to alter the legal owner of their place. Transfer of equity is a complex process that you will almost always need legal support to handle correctly. But what exactly is a transfer of equity and how does it work?
What Is Transfer Of Equity in Durham?
To ensure that the housing market is fair, most governments keep a running record of who owns which house in an area. This ensures that people can’t steal houses from one another, while also making it possible to sell and give away properties as you see fit. Of course, though, this record needs to change when someone else takes ownership of a property.
Whether you are buying, selling, or adding someone new to the title of your home, you will need to go through a transfer of equity process. This enables you to transfer the ownership of your home legally, ensuring that there won’t be any issues down the line. You can go through this process on your own, but it will usually be worth getting some help to make sure that you get all of the paperwork handled properly. Those in Durham, Newcastle, and Cramlington have access to some excellent options when they need help with this.
Why Do You Need A Transfer Of Equity?
This type of legal process can be very useful for a range of different situations, and it’s worth taking the time to explore this before you get started.
Buying & Selling
A transfer of equity will always be essential when buying or selling a home, as the property is changing owners.
Inheritance
Many people choose to give their children houses as an early inheritance, and this will require a transfer of equity.
Adding Spouses
Sharing your home with your partner will only be possible with a transfer of equity if you already own the place.
Giving Gifts
Some people choose to give properties as gifts, and this will also require a transfer of equity.
Getting Help With A Transfer Of Equity
Here at Toomey Legal, we have experts across Newcastle, Durham, and Cramlington that are ready to help with your transfer of equity. It’s always worth taking the time to research your options when you are looking for help with a process like this, with many people finding it hard to get through each step without some support.
A big part of this will involve having your legal paperwork checked and submitted for you. This can save a lot of time and effort, especially if you have made mistakes along the way. Alongside this, a good conveyancer can make sure that every stage of the process is safe and fair.
Getting help with something like an equity transfer can be a challenge. Here at Toomey Legal, we work hard to make the process as easy as possible for you, and have loads of tools and resources available to help along the way.
Transfer Of Equity – FAQs
How much does a transfer of equity cost?
The cost for a transfer of equity in the UK can range between £100 – £2800, it all depends on the property value, solicitor fees, and a few other factors.
Do I need to pay legal fees, and how much are they?
Legal fees for a transfer of equity can cost between £250 – £750 all depending on the complexity of the case and which firm you choose. This fee covers the necessary paperwork, legal work involved in changing ownership shares, and land registry fees that vary based on the property price bracket.
Do I need a solicitor to complete a transfer of equity?
It isn’t legally required to use a solicitor; however, it is highly recommended when completing a transfer of equity. This is especially for the person receiving the equity as they will need legal representation to handle the necessary paperwork and make sure the process is completed correctly.
How long does the transfer of equity process take?
A transfer of equity process typically takes around 4-6 weeks to fully complete, but the exact time can vary depending on the complexity of the situation, especially if the lender needs to be involved. Simpler transfers with no mortgage can be quicker.
What documents do I need for a transfer of equity?
To complete a transfer of equity you will need: proof of identity and address of both parties, title deeds, any mortgage statements, tenancy agreements if applicable, a deed of transfer, and written consent from the mortgage lender if there is a mortgage on the property.
Will a transfer of equity affect my credit score?
A transfer of equity won’t impact your credit score significantly, this is because it is not considered as a new credit application. But the process may include a credit check from the lender that could cause a slight dip in your score.
What happens if one party refuses to sign the transfer of equity?
If one party refuses to sign, the other party could apply to the court to force the transfer and step in to assist them.
What happens if there is an existing mortgage on the property?
If there is an existing mortgage on the property, the lender’s written consent is required before the transfer of equity can be finalised. The mortgage lender must agree to the change in ownership and could need to complete checks on the new owner’s ability to service the mortgage.
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