Rearranging Property Ownership?
Let’s Make It Simple
Whether for family, investment, or personal reasons, we ensure your transfer of equity is done right.
A transfer of equity involves changing the legal ownership of a property, whether by adding, removing, or substituting someone on the property title. It’s often required during life changes such as marriage, divorce, or gifting property to a loved one.
At KAYA Law, we ensure this process is straightforward, efficient, and legally sound.
With nearly a decade of experience, we handle the legal logistics of transferring equity, safeguarding your interests and ensuring compliance every step of the way.
Need Help with the Legal Side of Your Transfer of Equity? Contact Us Today.
Whether you're adding or removing a name from your property, we handle the legal complexities to ensure a smooth transition. Get in touch for expert support tailored to your needs.
Legal Processing for Transfer of Equity
1. Initial Instruction
The transfer of equity process begins with an initial consultation to understand your specific circumstances. Whether you’re adding a loved one to the title, removing a former partner, or restructuring ownership for investment purposes, we gather all necessary details to ensure a smooth and legally compliant transaction.
In some cases, we may be able to act for both the transferor and the transferee, making the process more efficient. However, strict rules govern this, and we will assess whether it is possible in your situation while ensuring full compliance with legal and ethical obligations.
2. Reviewing Mortgage Implications
If the property is mortgaged, we will liaise with your lender to obtain their consent, as most require approval before ownership changes. If the transferee is taking on the mortgage, the lender may conduct an affordability check. If the transferor is being removed, we ensure their obligations are fully discharged.
For cases involving a new mortgage, we coordinate with your lender to ensure all legal requirements are met, preventing delays. We will also advise you on any lender conditions or financial obligations to ensure a smooth transition.
3. Drafting the Transfer Deed
The Transfer Deed is the legal document that formalises the change in ownership. We carefully draft this to ensure accuracy and compliance with HM Land Registry requirements.
Once prepared, we guide all parties through the signing process, ensuring the deed is properly executed and witnessed where required. If we are acting for both the transferor and transferee, we will ensure all legal obligations are met fairly and transparently.
If a mortgage is involved, the lender may have additional requirements that we incorporate into the documentation.
4. Stamp Duty Land Tax Assessment
Depending on the nature of your transfer of equity, SDLT may apply. We assess whether your transaction triggers an SDLT liability and, if so, guide you through the reporting and payment process.
Key factors that affect SDLT include:
Consideration paid – If the transferee is paying for their share.
Mortgage balance taken on – If the transferee assumes responsibility for part of an existing mortgage.
Exemptions and reliefs – Certain transfers, such as those between spouses or due to divorce, may be exempt.
If SDLT is due, we ensure timely submission of the SDLT return to avoid penalties.
5. Registering the Transfer
Once the Transfer Deed is signed and any necessary SDLT is settled, we submit the application to HM Land Registry to update the property’s ownership records.
As part of this process, we:
Ensure all legal documents are correctly completed.
Submit the application on your behalf.
Track progress and handle any queries raised by the Land Registry.
Once registration is complete, we provide you with official confirmation that the ownership change has been successfully recorded.
8. Leasehold Transactions
If the property is leasehold, additional steps may be required to ensure compliance with the lease terms and the requirements of the freeholder or management company.
As part of the process, we:
Review the lease terms to check for any restrictions on ownership changes.
Liaise with the freeholder or managing agent to obtain their consent if required.
Ensure service charge and ground rent accounts are up to date before completion.
Handle any notices that need to be served on the freeholder or management company.
Certain leasehold properties have specific legal requirements that must be met, and we ensure all necessary steps are taken to avoid delays in completing the transfer.
Ready to Simplify Your Remortgage Process? Contact KAYA Law Today.
Whether you need expert legal advice or assistance with the legal logistics, we’re here to make your remortgage smooth and hassle-free. Call us now or leave your details, and we’ll get back to you promptly to discuss your needs.