How Does Transfer of Equity Work?
Starting a transfer of equity begins by consulting the original title of the property to check for key details, such as who is currently on it, if there is a mortgage involved, and if there are any other restrictions that may affect the process.
Your solicitor or conveyancer will then review the title deeds, check the identity of all clients involved, and prepare the transfer deed ready to be signed.
If there is no mortgage involved, then at this point all parties involved (both new and existing owners) can sign the transfer deed at the Land Registry and in the presence of the solicitor and a witness.
If there is a mortgage on the property, then the consent of the mortgage lender will need to be obtained before the transfer deed can be signed. Your solicitor can contact your lender on your behalf to obtain this consent but be aware that the lender may want to change the terms of the mortgage before consenting to the transfer. If an agreement cannot be reached, you will have to pay the mortgage before you can go ahead, either in cash or by obtaining another mortgage from a lender who will agree to the transfer.
How Long Does Transfer of Equity Take?
A transfer can take as little as four weeks to complete if it is a relatively straightforward transaction with few parties and no mortgage involved. If there is a mortgage, this process can take longer, particularly if your lender withholds their consent for any reason.
What We Can Offer You
A transfer of equity can be complicated, and depending on the circumstances dictating the transfer it can also be difficult and emotive. That is why it is important to have an experienced and knowledgeable solicitor to help make the process as seamless as possible.
Our residential conveyancing solicitors have overseen many transfers of equity for all manner of reasons, and are sensitive to the potentially challenging nature of these transactions. We are also accredited through the Law Society’s Conveyancing Quality Scheme, which attests to our expertise in this area of law.
An experienced residential conveyancing solicitor will have an initial consultation with you, free of charge, to discuss your situation in more detail. Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you. We will also provide you with a price quotation and a choice of funding methods at the outset.
Call 0800 086 2929, email firstname.lastname@example.org or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion and let one of our experienced residential conveyancing solicitors explain your legal rights and options.