The ownership
Explain who owns the property now, who will own it afterwards and whether any payment is involved.
Your propertyChanging ownership.
Changing ownership.
Clear next steps.
A transfer of equity changes who owns a share of a property. If you are adding or removing an owner in England or Wales, talk to the team about the legal support you need.
Discuss a transfer of equityCall the team on 01704 894444Buying or selling? Compare quotes onlineWho owns the home.
How it is financed.
Ownership and mortgage arrangements are connected, but they are different questions.
The mortgage
Tell your conveyancer about the mortgage and intended changes. Ask about consent and any additional legal work.
Explain the ownership change
Have the property address, current owners and proposed ownership details ready. Explain whether money will change hands and whether a mortgage is involved, so a conveyancer can assess the work.
A useful question“Which ownership details should I have ready?”
Check the title and mortgage
Your conveyancer can check the title, any restrictions and the documents needed. If there is a mortgage, discuss the lender’s requirements and consent before going ahead. A change of ownership does not by itself arrange a new mortgage.
A useful question“What does the mortgage lender need to agree?”
Agree the work and complete costs
Ask for an itemised quote covering legal fees, VAT and relevant third-party costs, including registration. Discuss any tax implications and whether separate advice is needed. The costs and timetable depend on the property, lender and circumstances; no fixed price or completion date is promised here.
A useful question“What advice and costs should I allow for in my circumstances?”
Before speaking to a conveyancer
A few details to bring to your next conversation.
- Property address and current ownership details
- Who will be added or removed, and any payment
- Mortgage lender, balance and intended changes
- Any agreed arrangements and target date
Can I get a transfer of equity quote through the online form?
Not at the moment. The online form supports purchases and sales and does not provide transfer of equity quotes. Call 01704 894444 or email info@themove-exchange.co.uk to discuss your circumstances. Only choose buying or selling if that is the transaction you need.
Is a transfer of equity the same as a remortgage?
A transfer of equity changes ownership; a remortgage changes the mortgage arrangements. They may happen together, but tell the conveyancer about both so they can check the lender’s requirements and quote for the work needed.
Will there be tax to pay?
That depends on the circumstances, including the property’s location, any payment and mortgage debt taken on. Ask your conveyancer or tax adviser to check the position; a transfer without a cash payment is not automatically free of tax.
Your next step.
Let’s talk it through.
Tell the team about your circumstances and the legal support you need.