Lawyers for Property Transfers of Ownership in Manchester

Our Transfer of Equity Solicitors specialise in helping clients transfer ownership or an equity stake in a property smoothly and securely. Whether you are adding a partner, removing an ex-spouse, or restructuring ownership for tax efficiency, our experienced solicitors are here to guide you through the legal process.

When dealing with a transfer of equity, it’s important to note the differences from a regular conveyancing service. A transfer of equity does not require sale searches, reports or certificates. The process depends on whether the transfer involves a payment or non-payment.

Trust our Transfer of Equity Solicitors to guide you through every step of the process, ensuring that all legal requirements are met and your interests are fully protected. Contact us today to find out how we can assist you with your Transfer of Equity needs.

With over 18 years of experience, we offer a professional, client-focused service tailored to your specific needs. Our Manchester-based Transfer of Equity Solicitors, also serving Stockport and Cheshire, provide clear, practical legal advice, ensuring a seamless and stress-free process.

This service covers the transfer of a full property title, not just part of it. If you need to transfer only part of a title, take a look at our transfer land ownership titles service.

We also offer a transfer of equity bundle, which includes this service along with a declaration of trust, providing a complete solution if you’re looking to formalise ownership shares. This may be worth considering depending on your circumstances.

What is a Transfer of Equity?

A transfer of equity is a property transfer that is like a sale in some ways. However, it does not typically involve a stranger-buyer as a normal sale would. Instead, the person acquiring the property is usually someone who knows you or is otherwise connected to the property in some way. There are two common scenarios for a Transfer of Equity:

1. The person is acquiring the property at a non-market rate.
2. The person is acquiring the property without paying anything, essentially receiving the property title as a gift.

Through this process, the legal rights and responsibilities pertaining to property ownership can be altered in a manner that reflects the changing needs and arrangements of the involved parties.

What are the Reasons for a Transfer of Equity?

There are several situations in which a transfer of equity may be necessary. Some of these include:

1. Dealing with the estate of a deceased family member or friend and needing to transfer the property to the beneficiaries named in the will.
2. Getting married or having a new partner and wanting to transfer your existing home into joint names.
3. Following a divorce or breakdown of a relationship, needing to transfer the interest in your property.
4. Receiving advice from your Tax Adviser to transfer a share of the property to another member of the family.
5. Wishing to give your share or a share in your property to a family member.

What is the Transfer of Equity Process?

Before our experienced Transfer of Equity Solicitors can begin the process, we must obtain a copy of your title deeds from the land registry. This is essential for us to thoroughly review any outstanding mortgages on the property or any restrictions that may potentially impact the property transaction.

In the case of an outstanding mortgage, it is crucial to obtain the lender’s consent to change the legal owners of the property before we can proceed with the transfer on your behalf.

All current legal owners must agree for the transfer, except in cases where there is a court order requiring the transfer. After meticulously examining the property deeds, obtaining any necessary mortgage lender consent and completing identity checks, our dedicated Transfer of Equity Lawyers will diligently prepare the transfer.

The process will vary depending on whether there’s a mortgage on the property. If you own the property outright, the new and existing owners can promptly sign the transfer deed. However, if there’s a mortgage on the property, the mortgage lender may also need to sign the transfer document.

In order to successfully complete the transfer of equity process, any outstanding Stamp Duty Land Tax must be settled. We will provide thorough guidance on any Stamp Duty Land Tax liability you may have. Once the transfer is signed by all parties and the necessary fees are paid, our skilled Transfer of Equity Solicitors will ensure the change is promptly registered with the Land Registry.

Do I have to pay Stamp Duty on a Transfer of Equity?

When ownership of property is transferred from one person to another and the amount paid for the property exceeds the threshold, Stamp Duty Land Tax (SDLT) will be payable. This applies even if the person receiving the property already owns a share in it.

SDLT may be payable if you are transferring equity to:

• Spouse or Civil Partner following a marriage
• Partner following Separation

SDLT usually isn’t payable if:

• Gifting the Property
• Inheriting the Property
• If you receive a property as part of a divorce court order or agreement

In cases where a payment is involved, a Stamp Duty and Land Tax (SDLT) return may be necessary and transferring funds can be complex. For non-payment transfers, SDLT is usually not required and there are fewer complexities with fund transfer.

It’s important to be aware that certain charges, such as mortgages, may hinder the property’s title transfer. While some charges won’t prevent the transfer, they will still be applicable to the property post-transfer.

Do you need a Transfer of Equity Solicitor?

While not strictly mandatory, engaging a solicitor to manage the transfer of equity on your behalf is highly advisable due to the legal complexities involved. Altering the legal ownership of a property by adding or removing owners from the title deeds is a complex legal process requiring specialised knowledge of property law and conveyancing procedures.

If you’re ready to proceed with a transfer of equity, contact our Transfer of Equity Solicitors. We will expertly guide you through the process and ensure that your interests are protected every step of the way.

We are CLC-regulated, and customers may be able to reclaim VAT. The charges for a Transfer of Equity depend on whether there is a payment involved:

• For a Transfer of Equity where there is a payment involved: We charge £575 + VAT = £690 + HMLR Fee
• For a Transfer of Equity where there isn’t a payment involved: We charge £500 + VAT = £600 + HMLR Fee

There is more about our fees on our website.

If you have any questions, require any further information, or would like to engage us on the T&Cs linked Our Terms in the footer below, please don’t hesitate to Contact Us.

How long does the Transfer of Equity process Take?

The straightforward process for a transfer of equity typically takes 3-6 weeks. Once our Transfer of Equity Solicitors have completed the necessary paperwork, the completed transfer must be submitted to HM Land Registry for registration.

The time HM Land Registry takes to process such a registration varies greatly, depending on their workload. Some applications are processed very quickly, possibly even on the next day.

However, most applications seem to be delayed while awaiting HM Land Registry attention. In 2021, many applications took about 6 months to be registered, and certain types of applications can take even longer.

Once submitted, HM Land Registry processes applications on any title in the order of submission. Therefore, their delay should not affect the priority of your application relative to other matters on that title.

If you are considering an Equity Transfer, it is crucial to seek expert legal advice to ensure the process is handled efficiently and accurately. Our experienced team of Transfer of Equity Solicitors in Manchester are here to assist you every step of the way.

We offer a professional and personalised service, ensuring that your transaction is handled with the utmost care and attention to detail. Whether you are adding a new partner to the property deed, removing an ex-spouse, or restructuring ownership for other reasons, we are here to provide you with clear, straightforward advice and support.

Contact us today to book a consultation with one of our specialist solicitors in Stockport, we have offices conveniently located in Bramhall, Cheadle, Hazel Grove and Heald Green. Our residential property solicitors serve clients throughout the Stockport and Manchester area including Altrincham, Hazel Grove, Poynton, Wilmslow and Sale.

Trust Mounteney Solicitors to make your Transfer of Equity a seamless and stress-free experience.