Transfer Of Title Deeds Solicitors
It is a legal procedure used to modify the ownership of a piece of property. When transferring equity, it is crucial that you seek professional legal counsel because the situation may significantly change for you and everyone else involved.
For a variety of reasons, we’ve assisted our clients in transferring equity, including:
- The conditions of the cohabitation have changed or ceased (i.e. in the case of divorce)
- a court order
- Property is given as a gift.
- property exchanges between relatives
- A trust’s creation
Clarity Simplicity’s conveyancing and real estate experts is available to assist with any cause. We have experience assisting clients with equity transfers and have the knowledge to help you complete the procedure swiftly and with the least fuss possible. We are one of the top legal firms in the UK for property law, and our knowledgeable solicitors take great delight in providing each of our clients with a service that is efficient, efficient, and dependable. Call us at 0808 169 5822 to reach our conveyancing and property team, or fill out our contact form, and we will give you a call.
Frequently Asked Questions
How Much Does It Cost To Transfer Equity?
Two costs are necessary for equity transfers:
- Our set legal cost
- The cost of Land Registry
Depending on the circumstances surrounding the transfer of equity, additional costs can also be due. Search fees will also be charged if a new mortgage is simultaneously being obtained. Stamp Duty Land Tax can also be applicable, depending on how much equity the property has. At the beginning of our involvement, we will always go over prices and payment schedules with you so you are clear on what will be charged to you and when.
How Long Does Transferring Title Deeds In Scotland and Equity Take?
Typically takes 4-6 weeks, however as every transaction is unique, the exact duration will vary. If you have a mortgage, the procedure will take more time.
We are aware of how crucial it is to settle property disputes as soon as possible, particularly if your family home is at stake. Our knowledgeable property lawyers will make every effort to finalise your transaction as soon as feasible. You can handle everything at your convenience with a full service offered via post, phone, and email.
Related Information – Transfer of Equity
Transfer of Equity: What Is It?
Equity is the worth of your home less the balance of your mortgage that is still owed. For instance, if your property costs £200,000 and your mortgage balance is £80,000, you have £120,000 in equity. You can only move half of the equity, or £60,000 in this case, if you got married and want to co-own the property with your new spouse. You cannot transfer half of the property’s valuation.
The process of transferring equity in Glasgow
A certified copy of the property’s title is required in order to begin a Transfer of Equity. This will be used to determine whether there are any mortgages or potential restrictions legally on the property. Then, your conveyancer will:
- Examine the property or title deeds.
- Verify the clients’ identification.
- Get the transfer deed ready.
Whether there are any payments on the property will determine what happens next.
- The current and new owners of the property sign the transfer deed in front of a witness if there are no mortgages on the property, and the conveyancer registers the transfer deed with the Land Registry.
- If the transaction’s value exceeds £40,000, a Stamp Duty Land Tax certificate is required.
You will also want the mortgage lender’s approval to proceed with transfer ownership if the property is subject to a mortgage.
This is due to the fact that everybody you add to the title will share responsibility for the mortgage. The amount of the outstanding debt may be subject to Stamp Duty Land Tax, which you should be aware of. Contact us if you would like further details.
In the same way, if you strike someone’s name from the title, they will transfer their responsibility to the property’s remaining owners. Before approving the transfer, the lender will want to confirm that the surviving owners can continue to make their payments.
The mortgage lender will be contacted by your conveyancer to obtain formal approval for the transfer. Before agreeing, the l lender can seek to modify the mortgage’s terms. The procedure can carry on as before once written consent is obtained. You must pay off the full amount of the house before moving forward with the transfer if the lender does not approve. You can do this by making a cash payment or by refinancing with a different lender that will agree to the transfer.
Get In Touch
We are here to help. Get a free quote today and experience hassle-free conveyancing in Scotland. Based in Glasgow, East Kilbride, Edinburgh and Dumfries, Complete Conveyancing Solicitors is one of Scotland’s most dynamic law firms.
Get expert legal advice from our conveyancing solicitors
We are one of the leading law firms for property law in the UK, and our skilled solicitors take great pride in offering each of our clients a service that is quick, reliable, and efficient. To get in touch with our conveyancing and property team in Glasgow, phone us at 0808 169 5822, or you may want to fill out our contact form, and we’ll give you a call.