A transfer of equity changes who owns a property without it being sold. It is common after marriage or civil partnership, after a separation, or when parents add or remove a family member.
How it works
We prepare a transfer deed recording the change in ownership. Everyone involved signs it, and we then register the change at HM Land Registry.
If there is a mortgage
If the property is mortgaged, the lender must agree to the change. Where someone is being added, the lender will usually want them to join the mortgage. Where someone is being removed, the lender will want to be sure the remaining owner can afford the payments.
Joint ownership
When two or more people own a property, they can hold it as joint tenants, where the property passes automatically to the survivor, or as tenants in common, where each owns a share that can be left by will. We explain the difference so you can choose the right arrangement.
Tax
Stamp Duty Land Tax can apply to a transfer of equity in some cases, for example where the person joining takes on a share of the mortgage. We check whether any tax is payable as part of the work.
Independent advice
Where someone is giving up their share, or their position is not the same as the other owner’s, they may need independent legal advice. We will tell you if that applies.
This guide is general information, not legal advice for your situation. Every transaction is different, so please contact us to talk about yours.