A transfer of equity involves transferring part or all of a property’s ownership from one party to another. This is a legal process, with all concerned parties recommended to take independent legal advice.
Costs
Transfer of equity costs are generally cheaper than when purchasing a property, as the solicitor involved is not checking the title deed and providing a service for restrictions and covenants.
Costs associated with a transfer of equity can depend on a number of factors. These could include the mortgage lender, restrictions on the title, type of ownership, tenure, and property value.
Disbursement fees, or “out of pocket” expenses are to be arranged when instructing a solicitor. These will include Land Registry fees.
You may need to pay Stamp Duty Land Tax depending on circumstances. Stamp Duty Land Tax may be payable when all or part of an interest in a property is transferred to you in exchange for anything of monetary value.
There will also be solicitor’s fees to pay for the completion of all relevant paperwork and documentation, as well as any research and solvency checks undertaken.
Fixed fee Services
Certain transfer of equity solicitor specialists are able to remove a party from the title deeds for a fixed fee, depending on how many parties are involved. Average costs are £300 for the removal of the first legal owner, with an additional £150 for subsequent owners. This service does not include dealing with the Land Registry, but it does offer a quick and straightforward solution to those requiring an expedited resolution to ownership.
For further information on a transfer of equity solicitor for a fixed fee service, visit parachutelaw.co.uk/transfer-of-equity-solicitor.
Fixed fee services for all or part of a transfer of equity can be highly cost and time-effective.
