Transfer of Equity and Trust
This is a discount-priced bundle product including:
(1) Transfer of Equity for no consideration product (normal price £360); and
(2) Declaration of Trust product (normal price £270)
The combined product is a discounted (by almost 15%) method to declare a trust, and then put your property into that trust – which is the most common application we find for trusts – particularly, in estate planning contexts, e.g. where parents might wish to place their homes “in trust” for their children in certain circumstances.
Please note that (as with the Transfer of Equity product) many ‘charges’ on the property, such as mortgages, will prevent the title to a property being transferred – although some charges will not prevent a transfer, but will remain applicable to the property after the property has been transferred. Even if there is nothing on the title to prevent the transfer, the terms of many mortgages will contractually forbid the transfer of property – i.e. it may breach your mortgage conditions to transfer mortgaged property (e.g. into a trust).
English & Welsh law does not allow property to be owned, legally, by individuals who are aged 17 or younger.
Whether an SDLT return is required may depend on the circumstances – if one is needed, then the cost of making it is included in the bundle’s discounted price.
How long will it take?
We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record (that includes ID checks), and producing the bill (payment in advance is required for all new clients).
After that, the production of the documents is a job that we can undertake in a few hours once we can schedule it in our workflow, that can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week.
A completed transfer will then need to be submitted to HM Land Registry for registration. The time HM Land Registry take to process such a registration varies greatly, depending on how busy they are. Some applications are processed very quickly, up to “next day”; however, most applications appear to languish awaiting HM Land Registry attention; in 2021 many applications were taking about 6 months to be registered – and some types of application can take even longer than that, unfortunately. However, once submitted HM Land Registry process applications on any title in order of submission - so their delay ought not to affect the priority of your application relative to other matters on that title.
Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim
We charge £500 + VAT = £600 (plus £20 HMLR Fee)
There is more about our fees on our website here
If you have any questions or require any further information, please don’t hesitate to Contact Us.