You may wish to change the ownership of your property for a variety of reasons. The most common examples of when people wish to change the ownership of their property is on marriage (transferring the property to joint names) or separation/ divorce (transferring the property from joint names into a sole name) or for tax planning reasons (may be transferring the property into other family member names). These types of transaction are referred to as ‘transfers of equity’.
In order to complete a transfer of equity we will need the title deeds or a copy from the Land Registry in order to prepare a transfer deed for signature by the parties involved.
We will also need to notify any third parties who may have an interest in the property, such as your mortgage lenders or freeholder. If the property is mortgaged and you wish to keep the same mortgage you will need to obtain the approval of your lender to the transfer.
If your lender approves the transfer they may impose conditions prior to transfer. For example if someone is being removed from the title to the property the lender will want evidence that the remaining owner can afford to repay the mortgage on their own. They can refuse to allow a person to be released from their obligations under the mortgage if they think the remaining person could not pay the mortgage on their own.
If a new person is to be added to the deeds then the lender will require that person to sign a mortgage deed and will carry out the usual credit and reference checks.
We will need to assess whether stamp duty is payable following completion of the transfer and if required we will complete a Stamp Duty Land Tax form and submit this to the Inland Revenue. Following completion we will register the transfer at the Land Registry for which a Land Registry fee will be payable by you.