Skip to main content Skip to footer

Transfer of Equity Solicitors in Nottingham, East Midlands Law Firm.

The legal process for transferring the legal ownership of a property is called a transfer of equity.

A transfer of equity is often the result of a substantial change of circumstances for yourself and anyone else involved. As such, it’s imperative that you get legal advice.

Get a Conveyancing Quote Email Enquiry Form

 

What is a Transfer of Equity?

A Transfer of Equity is the transfer in ownership, or co-ownership of a property. There are a number of reasons for transferring equity. These include;

  • Removing an ex-partner from the deeds after a divorce
  • Adding a spouse to the deeds of your home after getting married or re-married
  • The gifting of a property
  • Reducing future inheritance tax liabilities in the event of a person’s death
  • To take advantage of personal capital gains limits

What is Equity?

Equity is the value of your property minus the outstanding mortgage amount. So if you bought your home for £250,000 and your remaining mortgage is £100,000, you have £150,000 of equity.

What’s the Process For Transferring Equity?

Before you start a transfer of equity, you need an original copy of the title to the property. We use this to check if there are any existing mortgages on the property. It’s also used to check if there are any restrictions on the property.

We’ll then review the title deeds, check and confirm your ID and then prepare the transfer deeds.

The next step depends on whether you have a mortgage on your property or not.

If There’s No Mortgage

You and the new owner(s) will sign the transfer deed in the presence of a witness. We’ll then register the transfer deed with the Land Registry. We’ll also need a Stamp Duty Land Tax certificate if the value of the property is more than £40,000.

If There is a Mortgage

You’ll also need the consent of your mortgage lender.

When you add another person to the title of the property, they become liable for the mortgage. On the other hand, if you’re removing someone from the property title, the remaining owner becomes responsible for the mortgage.

The mortgage lender will need to be satisfied that the remaining or new owners are able to carry on paying the mortgage payments.

We’ll contact your mortgage lender on your behalf and ask for written consent to the transfer. Before consenting to the transfer, they might change the terms and conditions of the mortgage.

If your mortgage lender refuses to agree to the title transfer, you’ll need to pay off the mortgage first, either with a cash payment or through re-mortgaging with a different lender who agrees to the transfer.

How Long Does a Transfer of Equity Take?

At Rothera Bray, we know the importance of completing property transactions quickly. Especially when it’s a family home.

In most cases, a transfer of equity takes 4-6 weeks. That said, every transaction is unique so each one can take a different length of time to complete.

For example, if there’s a mortgage involved, it’s likely to take longer than if there’s no mortgage.

How Much Does a Transfer of Equity Cost?

When transferring equity, there are two costs:

  1. Your solicitors fee (ours are very transparent), and
  2. The Land Registry fee

Other fees might apply but this depends on the transfer. For example, if you’re applying for a new mortgage, then you’ll need to pay for the search fees. Also, depending on the amount of equity in the property, it may be subject to Stamp Duty Land Tax.

We will discuss any and all potential fees with you at the very start so you know exactly how much it will cost and when.

Why Use Rothera Bray For Transfer of Equity?

We have an experienced property and conveyancing team and a network of seven offices operating across Nottingham, Leicester and Derby.

When you instruct us to act on your behalf, we’ll assign a team member and give you access to their direct phone number and email address.

They will look after the transaction from beginning to end and keep you updated on progress at all stages of the process. They will also let you know about any communication with third parties such as mortgage lenders or where any third party disbursements such as stamp duty are payable.

We can also assist with mortgaging the property where required.

Once the transfer of equity is complete we will make an application to the Land Registry to register the new ownership of the property on your behalf.

We can advise you on Stamp Duty.

We can also draw on the experience of our Wills, Probate and Trusts and Family Law teams where needed to provide you with a comprehensive service that addresses all of your queries, including advice on inheritance tax and capital gains tax.

Our fees are transparent and we speak in plain English. You’ll always know how much you’re paying and where the transaction is up to.

Contact our Conveyancing Team

Send us a message

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Michelle Young

“We explain costs clearly – so there’s no hidden surprises”

Michelle Young
Head of Conveyancing

FAQs

Do both parties need a solicitor for transfer of equity?

The owner who is buying the other person out must be represented by a solicitor, and the person being bought out can decide whether they want to be represented by a solicitor or not. However, it is recommended that the person being bought out does have legal representation so that they can receive legal advice about the transaction.

Do you pay stamp duty on transfer of equity?

Stamp duty is payable when transferring equity. For transfer of equity, stamp duty is payable on the ‘chargeable consideration’, which is calculated on the amount of debt transferred or taken on and would be payable on the amount of mortgage being taken on by the new owner.

What is required for transfer of equity?

Firstly, you will need an official copy of the title for the property, which will be used to check if there are mortgages on the property or any other restrictions. Your conveyancer will then review the property or title deeds, check the identity of the clients, and prepare the transfer deed.

If there is a mortgage on the property, the mortgage lender will need to give their consent to proceed with the transfer; if they do not agree to the transfer you will need to repay the mortgage before you can go ahead with the transfer, either using a cash payment or a remortgage with another lender who agrees to the transfer.

If there are no mortgages on the property, the current and new owners of the property sign the transfer deed in front of a witness and the conveyancer registers the transfer deed at the Land Registry. If the value is above £40,000, a stamp duty certificate will be needed.

Can I use equity as a deposit for moving house?

You can often use equity in your home as a deposit to buy a new house. You can use the equity to assist with your purchase and either take out a new loan for the remainder of the mortgage or port your existing mortgage.

How much does it cost to change title deeds?

It costs at least £40 to alter the register and change the title deeds.

How much does it cost to transfer property deeds?

There will be a fee of between £20 and £125, depending on the price bracket your property falls into, to the Land Registry to register the ownership change.

Can you transfer a house to a family member?

You can transfer a property to a family member as a gift, which means no money exchanges hands. This is often done to minimise the amount of inheritance tax payable after you’ve died.

Before gifting a property, it is worth getting specialist advice from an estate planning expert beforehand, as there are not just tax considerations to take into account, but also the risk that a family member could evict you from the property since you are no longer the legal owner.

How do I gift my property?

If you want to gift your property to your children, any property you own that is worth over £325,000 is liable to inheritance tax, which starts at 40%, but if you have a partner, you can combine your assets so that it starts at £650,000. You will not be able to live in the property as though you were still the primary householder or benefit from it and will need to live for another seven years after gifting the property in order for your children to avoid paying any inheritance tax.

Alternatively, you can gift your property to your spouse or civil partner. The spouse gifting the property will not receive any money unlike a transfer of equity, but there will be no stamp duty or capital gains tax charged on the gift.

To transfer the property as a gift, you will need to complete a TR1 form and AP1 form and send these to the Land Registry. You will also need to complete an ID1 form if either side is not using a solicitor or conveyancer.

Can I do transfer of equity myself?

Whilst you can carry out a transfer of equity yourself, generally it is not advised as the process can be complicated, especially where divorce or separation are involved. You will need to ensure that the property is correctly registered at the Land Registry, as well as thinking about stamp duty and tax considerations.

If you’re happy then we’re happy too.

4.8 358 reviews

Posted 27/01/2020

Rothera Sharp Solicitors’ ‘skilled’ team handles personal injury claims including public liability, accidents at work and road traffic accidents often involving – among others – children and foreign nationals. Recent work included settling a claim for a pedestrian involved in a road traffic accident, acting for a child claimant following a hand injury sustained at a playground and representing a claimant in a public liability claim pertaining to fractures sustained on a slippery floor. Elisabeth Halls combines ‘good judgement with the right amount of scepticism and has a proven ability to optimise outcomes for claimants.

Legal 500, 2017

Posted 27/01/2020

I cannot thank you enough for all you have done for me. I don't know whether you can truly appreciate how incredibly important the success of this matter is to me. I couldn't have done this without you, and there just aren't the words to express my gratitude to you for all this. You have enabled me to have a peace of mind and you just can't put a price on that. Please tell Rebecca how absolutely thrilled to bits I am with the work you have done for me, which is beyond priceless and for which I will be forever grateful

Mediation Client

Posted 27/01/2020

I want to say a massive thank you for all your hard work….I will never forget how you were prepared to believe in me….you energetically pursued my case to achieve the best possible outcome

J Wilson

Posted 27/01/2020

My previous dealings with Rothera Bray have always been excellent-total efficiency and professional. Jayne Smith previously and now Emily Weston. I would always use Rothera Bray as my solicitors. Thank you.

David Armstrong

Posted 12/08/2020

I would highly recommend James Briggs, solicitor at Rothera Bray. He has been extremely helpful, patient and thorough whilst helping me with affairs following the death of my husband. Even during lockdown (covid) he maintained communication and kept me informed of what was happening. He successfully achieved the outcome I needed and I would not hesitate to recommend him.

Yvonne Gold

Posted 30/09/2020

We are in the middle of launching our own packaging agency and contacted Rothera Bray for some professional legal advice with regards to contracts. After an initial call with Billy, he made it clear what we needed and asked plenty of questions to understand what it was we needed. He was very responsive to our questions, whether it be over the phone or via emails and made the process really simple. We had little experience in this area so it was fantastic to work with Billy, who explained everything concisely. We were also really pleased with the quick turnaround and great value offered. Would thoroughly recommend working with Rothera Bray.

Tom Burden, Director of Rightbox Ltd

Posted 30/09/2020

Billy understood our requirement from the get go and really nailed down on what we needed in our commercial agency agreement. Billy kept us informed every step of the way and showed great professionalism. We would recommend his services to any start-up business who is in need of legal advice and guidance with commercial contracts.

Axl Barber, Sales Director of Rightbox Ltd

Posted 11/02/2021

I was extremely pleased with the service that Kerry provided in order to sell my mothers house. Good, prompt communication and all questions dealt with or answered as requested. Consequently I would recommend yours services to others.

Adam Stevens

Posted 07/06/2021

Dear Sally, I can’t thank you enough for today! You took the pressure off me and I felt so looked after and understood everything that was happening. Thank you so much!

Kelly Neave

Posted 07/06/2021

My experience with Rothera Bray was an easy and smooth process, regarding a settlement agreement with a previous employer. They helped me understand all the legal jargon and details and made it very clear what the agreement was asking of me and what they would provide in return without it seeming complicated. They were prompt and resolved any issues or queries I had and I found them to be friendly and professional. I would definitely recommend Rothera Bray to anyone seeking legal advice, even if you've had no experience with a solicitor before, as they're very welcoming and help you to understand everything.

E. Jackson

Posted 06/07/2021

Thank you for all your hard work, which paid off in the end. As well, thank you for your amazing service and support you provided for me all the way through. It was pleasure to work with you and I wish you all the best.

Patrik Fresko

Posted 27/09/2021

I recently had the good fortune to engage Rothera Bray for a company sale. From start to finish, Sandeesh Samra and the team were on hand to give practical and professional advice.

Alison Purchas

Contact our Conveyancing Team
Conveyancing

Amanda Sutcliffe

a.sutcliffe@rotherabray.co.uk

Amanda has extensive residential property experience with over 30 years practising law. This has included a great deal of commercial conveyancing which gives her a particular expertise in the selling and buying of leasehold property and complex titles.

Michelle Young

Michelle Young

m.young@rotherabray.co.uk

Michelle Young is a residential property specialist and heads up the residential property team at Nottingham-based law firm Rothera Bray Solicitors. She’s based in our West Bridgord office.

Johanna Goddard

j.goddard@rotherabray.co.uk

Jo Goddard has over 20 years experience specialising in all aspects of residential conveyancing and regularly acts for clients on sales, purchases, remortgages and transfers of equity and is part of one of the largest conveyancing teams across the East Midlands. She works in out Lace Market office.

Lucy Pettitt

Lucy Pettitt

l.pettitt@rotherabray.co.uk

Lucy Pettitt is based in our Mapperley Office and has amassed over 12 years of experience in all aspects of Conveyancing.

Lucy Walsh

l.walsh@rotherabray.co.uk

Lucy Walsh is a Senior Associate Solicitor in the Residential Conveyancing team and is based primarily at our Derby office.

Emily Weston

Emily Weston

e.weston@rotherabray.co.uk

Emily Weston is as a Senior Associate Solicitor in the Residential Conveyancing team and is based primarily at our Beeston office.

Julekha Nathani

j.nathani@rotherabray.co.uk

Julekha specializes in residential conveyancing and is based at our Leicester office. Having qualified in 2016 she has an extensive property knowledge dealing with a wide range of conveyancing matters.

Kiran Phagura

k.phagura@rotherabray.co.uk

Kiran Phagura is an Associate Solicitor based in our Leicester Office. She specialises in all aspects of Residential Conveyancing.

Rupa Popat

r.popat@rotherabray.co.uk

Rupa Popat is an Associate Solicitor in Rothera Bray’s Conveyancing department and is based at our Derby office.

Christopher Sweetman

c.sweetman@rotherabray.co.uk

Christopher is a Licensed Conveyancer based at our Market Harborough office. He specialises in all aspects of Residential Property including New Build Purchases and Unregistered Properties.

Kerry Brown

Kerry Brown

k.brown@rotherabray.co.uk

Kerry Brown is a residential property specialist at West Brigford.

Abbey Freeman

a.freeman@rotherabray.co.uk

Abbey Freeman is a Solicitor in Rothera Bray’s Conveyancing team and is based at our West Bridgford and Nottingham Lace Market offices.

Hayley Drewry

Hayley Hart

h.hart@rotherabray.co.uk

Hayley Hart is a Solicitor in Rothera Bray’s Residential Conveyancing department and is based at our Lace Market office.

Carla Morris

c.morris@rotherabray.co.uk

Carla is the Conveyancing Assistant at our Market Harborough branch. She has 5 years’ experience working in residential conveyancing having previously worked for a large specialist conveyancing firm.

Tina Rana

t.rana@rotherabray.co.uk

Tina is a solicitor in the residential conveyancing department. She has extensive experience in dealing with all aspects of residential conveyancing including, leasehold and transfer of equities.

Kerry Redfern

Kerry Redfern

k.redfern@rotherabray.co.uk

Kerry Redfern is a residential property specialist in our Mapperley office.

Karen Westwood

k.westwood@rotherabray.co.uk

Karen is an experienced fully qualified Legal Executive specialising in residential conveyancing. She is based at our Leicester Office and specialises in freehold sales and purchases.

Toby Byford

t.byford@rotherabray.co.uk

Toby is a Trainee Solicitor in our Residential Conveyancing department and is currently based at our West Bridgford office.

Sophie Bellaby

s.bellaby@rotherabray.co.uk

Sophie Bellaby is a Senior Paralegal in Rothera Bray’s Conveyancing department and is based at our Lace Market office in the heart of Nottingham city centre.

Vicki Ettles

Vicki Ettles

v.ettles@rotherabray.co.uk

Vicki Ettles is a Senior Paralegal in the conveyancing department at Rothera Bray and is based at our Lace Market office.

Schiennel Holness

s.holness@rotherabray.co.uk

Schiennel Holness is a Senior Paralegal in Rothera Bray’s Conveyancing department and is based at our Lace Market office in the heart of Nottingham city centre.

Grace Millward

Grace Millward

g.millward@rotherabray.co.uk

Grace Millward is a Senior Paralegal in Rothera Bray Residential Conveyancing department and is based at the Beeston office.

Shelby Richardson

Shelby Richardson

s.richardson@rotherabray.co.uk

Shelby Richardson is a Senior Paralegal in Rothera Bray’s Conveyancing department and is based at our West Bridgford branch.

Ellie Robinson

em.robinson@rotherabray.co.uk

Ellie Robinson is a Senior Paralegal in the residential conveyancing department at Rothera Bray and is based at our West Bridgford office.

Kavita Vashisht

Kavita Vashisht

k.vashisht@rotherabray.co.uk

Kavita Vashisht is a Senior Paralegal in Rothera Bray’s Residential Conveyancing department and is based at our Beeston office.

Samantha Buckle

Samantha Buckle

s.buckle@rotherabray.co.uk

Samantha Buckle is a paralegal in Rothera Bray’s Conveyancing department and is based at our Lace Market office in Nottingham city centre.

Safina Metcalfe

Safina Metcalfe

s.metcalfe@rotherabray.co.uk

Safina Metcalfe is a Paralegal based within our Residential Conveyancing department. Safina is based at our Head Office in the Lace Market.

Laura Runcak

l.runcak@rotherabray.co.uk

Laura Runcak is a Paralegal in Rothera Bray’s Conveyancing department and is based at our Derby office.

Sally Cooper

Sally Cooper

s.cooper@rotherabray.co.uk

Sally is our first point of contact for any new conveyancing enquiries that come in to the department and provides a bespoke quoting service for prospective clients, estate agents and other referrers of work.

News

Care Quality Commission Maternity Survey

The Care Quality Commission (“CQC”) have released the results into a survey they conducted relating to the experience of women and other pregnant people who had a live birth in early 2023. The survey had national reach and responses were received from over 25,000, a response rate of 41%.

Animal penalty notices act

New penalty notices introduced for animal health and welfare offences

The Animals (Penalty Notices) Act 2022 is a new piece of secondary legislation which came into force from 1 January 2024. The act was passed following an 8 week consultation with various different parties with interest in animal welfare such as veterinarians, the National Farmers Union, the British Veterinary Association and the RSPCA.

Find out how Rothera Bray can help you