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People often describe this as “adding someone to the deeds” or “removing someone from the deeds”. You may also hear it referred to as a transfer of title or transfer of deeds.
If all owners are changing, this is not a Transfer of Equity and will usually be treated as a sale, purchase, or gift of property.
Although the parties involved often know each other well, these transactions can still involve complex legal, financial, and tax considerations. Taking advice at an early stage can help avoid unexpected issues later on.
We will review the legal title and ownership structure, confirm how the property will be owned following the transfer, deal with all Land Registry requirements, liaise with any mortgage lender involved, and ensure all legal and regulatory requirements are satisfied.
If the property is mortgaged, the lender’s consent is usually required before a Transfer of Equity can proceed with the same lender. We will deal directly with your lender to ensure their requirements are met and the transfer is completed correctly.
Stamp Duty Land Tax may be payable on a Transfer of Equity, even where no money changes hands, particularly where a mortgage (or part of it) is being taken over.
Depending on the circumstances, a Transfer of Equity can give rise to Capital Gains Tax or other tax implications. We are not authorised to provide tax or financial advice and, where appropriate, we will recommend that you speak with an accountant or tax adviser.
In some cases, Insolvency Act Indemnity Insurance may be required. We will advise you if this applies and explain why.
In many cases, one firm can act for all parties involved. However, separate legal advice may be required where interests differ or there is a potential conflict.
Once we understand your circumstances, we will provide a clear estimate of our fees and any associated costs, with no obligation to proceed.
If you would like to speak to one of our lawyers about your property matter, please call us on 020 8865 1500 or complete our conveyancing quote form and we’ll get back to you within one working day.
If you would like to speak to one of our residential property lawyers about your matter, or book an appointment with us, please get in touch, or request a callback.
