Compare Transfer Equity Conveyancers

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What is Transfer of Equity?

The process of removing or adding some bodies name to title deeds is call transfer of equity. This process is common for a property owner adding their partner or children to the deeds. It is also common when a couple get divorced and one name needs removing from the title-deed. In cases where a mortgage is on the property the mortgage deed will have to be changed.

When no mortgage is involved and money is not exchanging hand the process is straightforward. Your house conveyancer will be able to quickly change the names on the deeds. The only thing that will hold them up is if you do not get certified identification along with the legal documents returned fast. It can take a few weeks for the Land Registry to complete the register for the properties new owner.

When adding or removing somebody and finance is on the property is more complicated. This is because you need permission from the lender of the mortgage. The mortgage deeds and transfer deeds have to have the same names on them. As this is a more time-consuming and complex process the fees charged for this are more expensive.

When one person’s name has been taken off the deeds with money been exchanged is as complicated. The person who is remaining the owner is buying the other out adds to negotiations and complexities. This type of transaction is more expensive than one with no finance because of this.

When transactions are complicated you should negotiate a fixed fee, no sale no fee contact. This will not stop you from getting disbursement charges that the solicitor has made on your behalf. It will mean though that you are not charged for the conveyancer’s time if it falls through. To give you an exact fee your conveyancer will need to know the full circumstances of the case.

Equity Transfer fees

Stamp Duty: When you add or remove a person on the title-deed you may incur stamp duty costs. When money is given for the exchange of property it is call “consideration”. This can be either a mortgage or transfer of cash. Each case is different and your property solicitor will have to investigate to be able to give you an exact quote.

Indemnity Insurance

When a mortgage is involved the lender is likely to require you to take out search indemnity insurance. This form of insurance protects the lender if any financial losses of the property value which the searches would have shown. The cost of this insurance is dependent on a variety of factors. One example that will affect the price is the value of both the property and mortgage. The average cost of this is in the region of £50.00. It is a one-off charge and is not a policy which needs to be renewed annually.

Land Registry

There will be a charge from the Land Registry for the changing hands of the owners. The amount charged will depend on various factors. Two of the main factors are the value of the property and mortgage amount. The minimum charge for this is £40.

Leasehold Property Transfer of Equity

When it is a leasehold property there will be a charge from the freeholder. This will be a fee for their administration costs. Your house conveyancing company will get this information from the freeholder on your behalf. If you want to find out for yourself you could contact the landlord or management company direct.