Transfer Of Equity

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What is Transfer of Equity?

A transfer of equity is when you want to make changes to the legal ownership of a property. This may involve adding names to the legal title or removing existing owners from the title.

You will need to seek independent legal advice (ILA) for a transfer of equity, depending on the circumstances of the transfer.

A transfer of equity may be required in the following circumstances:

  • You have gifted the property to another individual in which case, the person receiving the gift has to be added to the legal title and the previous owner removed.
  • One family member is transferring the property to another family member.
  • A court has ordered that a piece of property be transferred from one owner or set of owners to another owner or set of owners.
  • The cohabitation arrangements of a given property have changed due to the change in the relationship of the existing occupants. Events such as a divorce may necessitate a transfer of equity in such cases.
  • The property is being placed under a trust in which case it must be transferred from the previous owners to the trust.

These are some scenarios where you may need to ensure a transfer of equity. However, there are other circumstances where you may require doing so.

Here at the London-based Adam Bernard’s, our transfer of equity solicitors can work with you to iron out the complexities of the process. You can also consult our independent legal advice solicitors to verify the whole process. It must be noted that ILA is often a requirement for the transfer of equity to be completed.

What Are the Costs Involved?

A number of costs will be involved in the transfer of equity process. Here is a look at these:

  • Legal fees. You will have to pay a certain amount for ID checks, office copies, and other legalities involved in the process. Your commercial property solicitors will streamline the process for you in return for these fees.
  • Land Registry fees. These will depend on the size and nature of the property as well as other details related to the legal ownership. Commercial conveyancing solicitors can provide you with a ballmark estimate of the legal registry fees that may apply to your transfer of property.
  • ID1 Form verification fees. This only applies if the transfer of equity involves the removal of one or more legal owners of the property. You will need to complete the ID1 Form and have this witnessed. The witness is typically a solicitor or a legal practitioner.
  • Freeholder notice fee. In case the transfer of equity pertains to a leasehold property, you will need to issue a notice to the freeholder. This incurs an additional fee.
  • Mortgage fee. This applies if the property in question is mortgaged and you have to apply for a change of the mortgage. It also applies if you want to take a new mortgage which can incur search fees.

Other costs and fees may also be involved in the process. Our transfer of equity solicitors can provide you with an estimate of the costs that you can expect to be involved. It is best to consult commercial property solicitors before you initiate the process so that you know the time and cost involved.

How Long Does the Transfer Take?

The average take it takes for a transfer to complete is anywhere between 3 and 6 weeks.

However, the actual time for transfer may vary depending on a number of factors. For instance, if the property you are seeking to transfer is mortgaged, you may first need to obtain the lender’s consent to complete the process. If the lender delays or refuses to provide this consent, this can halt the process.

Similarly, if you are buying out the joint owner of a property and there is a disagreement over the amount you have to pay, the dispute can delay the transfer. For properties on leasehold, a failure to clear previous rental and service charges can also create hurdles in the process.

You must consider these factors when you plan the transfer of equity. It is best to resolve these issues before you begin the process.

The transfer of equity solicitors at our law firm can advise you on how best to proceed. Our commercial conveyancing solicitors work with you through every step of the process to ensure that no delays occur. You can also consult our commercial property solicitors on how best to resolve disputes, lender issues, or leasehold problems.

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How to Speed Up the Process?

There are several steps you can take to speed up the transfer of equity process and avoid unnecessary delays. Here is a look at some of these:

  • Consult a solicitor. Transfer of equity solicitors are experienced in handling such cases. It is best to consult accomplished commercial conveyancing solicitors who may serve as witness to the ID1 form, help you draw up cost estimates, coordinate with your mortgage lender if required, and advise you on all other legal aspects of the process.
  • Sort out mortgage issues. You will need the consent of your mortgage lender before completing the transfer of equity if the property being transferred is already mortgaged. If you are trying to remortgage the property as well, you must secure a new offer from the lender. The sooner you sort out the mortgage issues, the quicker is the transfer of equity likely to conclude.
  • Make a timely payment. Before you complete the process, your solicitor provides you with a financial statement. This statement details all the payments and legal fees involved in the process. You can go over the statement with your solicitor if you are unsure about any payments. Once you can verify everything, make sure you pay as soon as possible. This will help conclude the transfer quickly.
  • Pay any dues on your leasehold property. If you are seeking a transfer of equity for a leasehold property, make sure you have no unpaid rent or service charges. Any arrears may cause the freeholding agent to refuse to issue your notice. To avoid delays on account of this, make sure you have paid all due sums to the agent.

Our commercial conveyancing solicitors can also help you explore other options to speed up the process. With the help of our commercial property solicitors, you can quickly identify any bottlenecks causing delays with the transfer.

Independent Legal Advice for Transfer of Equity

Independent legal advice is often a key requirement in the transfer of equity process. The current owner or owners of a property are to meet independent legal advice solicitors to fully understand the implications and risks of the transfer before the process can be completed.

For a current owner, the ILA must be received only after they have provided their ID and received a TR1 from the solicitor of the new owner.

During the ILA meeting, the independent legal advice solicitors carefully go over all the details of the transfer with you. The purpose of this meeting is to ensure that you are making the transfer of your own free will and without any pressure.

Depending on your lender and other stakeholders involved in the process, you may be required to attend an in-person ILA meeting or have the option to get ILA through online video conferencing as well.

Here at the London-based Adam Bernard’s law firm, our independent advice solicitors can provide you ILA in an in-person meeting or via online video conferencing. We can also come to an address you provide if it is close to our office locations.

Our commercial conveyancing solicitors fully apprise you of all the transfer of equity details. This is done in a professional and friendly environment so that you fully understand the implications of the transfer. We also offer ILA at a highly competitive fee.

Get in touch with our expert Transfer of Equity Solicitors today.

Why Choose Adam Bernards?

Our commercial property solicitors have an extensive experience of handling cases related to transfer of equity. We have previously worked with transfers related to mortgaged properties, gifted properties, and other types of property transfers.

When you hire our commercial conveyancing solicitors, we provide legal advice along every step of the process. We also offer ILA to verify your intent to transfer away the property as the current owner. Our aim is to make the process as smooth as possible so that the transfer takes place quickly and with minimum headache.

It is important to note that owners at the Land Registry can take a while due to the huge backlog of the Registry. In all, the process can take up to 6 months. However, our commercial property solicitors help you conclude all the other aspects of the transfer before initiating this process. This helps you avoid unnecessary delays.

You can schedule a free consultation with one of our commercial property solicitors to see how we can help you with your transfer of equity.

Get in touch with us today to schedule your free consultation with our commercial conveyancing solicitors.

Get in touch with our expert Transfer of Equity Solicitors today.