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How to apply for transfer of equity
The process of applying for transfer of equity can be as simple as filling in some forms and altering title deeds, but it can become more complex if there is a mortgage involved. So you should start by contacting a solicitor to help assess your situation and guide you through the process.
Transfer of equity
If you are changing the names on the title deed of a property, then you will need an official transfer of equity. This is whether you're adding or removing a name.
Equity release
Equity release is a way of accessing the money in your home without moving out. It's done by selling part or all of it to an equity release firm.
Frequently asked questions
What is transfer of equity?
A transfer of equity is the process of transferring property ownership from one person to another. This could be all or only part of the property equity.
Do I need a transfer of equity solicitor?
You will need a conveyancing solicitor to complete equity transfer. They’re able to support you with the legal requirements and processes involved. It's possible to complete some parts of the transfer without legal support, but not recommended.
Transfer of equity Stamp Duty
Whether you pay Stamp Duty on transfer of equity depends on the 'consideration' and the nature of the transfer. For example, if the property is split equally between 2 people or not. Your solicitor can tell you if you will need to pay it.
How long does a transfer of equity take?
On average, equity transfer should only take up 4-6 weeks. Usually, the main length of time taken is by the mortgage lender assessing eligibility. However, if you’re transferring equity without a lender, it can be very quick.
How much does transfer of equity cost?
Cost can vary depending on the situation. Usually, transfer of equity costs can be anywhere between £100-£500 plus VAT. Factors that affect the cost of a transfer include the property’s value, if you’ll need to remortgage, and solicitor fees.
