Whether you're a layman looking to understand your own transaction or a lawyer needing assistance with a client's conveyancing our step by step sale and purchase guides will lead you through the process while our mini guides will break the whole thing into manageable chunks and give a deep insight into the key issues and stages. Leasehold, freehold, unregistered, registered – we've got it all covered.
Need help with a remortgage or transfer of equity / deed of gift? Our guides will walk you through the process and highlight some of the common pitfalls. Mortgages and transfers can be very simple procedures but complex issues can sometimes arise and mistakes are easily made. These guides will help you deal with them.
So you want to have a go at your own conveyancing? First you should read about the risks, then if you're still happy to proceed, our guides will take you through each stage of the process telling you what to look out for and helping you avoid falling into expensive traps. Our subscription service will give you access to all of the documents you should need for your conveyancing and we can even supply you with the Land Registry Official Copies you'll need. Our general guides will cover all the obstacles you are likely to face and offer a practical solution. Have a look at our sale and purchase guides too.
A big part of the conveyancing process is the conveyancing searches. This section tells you all about them. What they are, how and when to order them and how to interpret the results. Each search has its own guide and you'll see they are separated into Standard (should be done in every case), Regional (area specific) and Optional (not essential but often useful tools for the would be purchaser). All buyers should beware that when you buy a property, the law assumes that you have seen the information that would have been revealed by searches whether or not you have actually carried them out, so you buy the property subject to the results.
Using a conveyancer to handle your conveyancing will greatly reduce the risk to you and sometimes, particularly if you are taking out a new mortgage, you will have no choice but to instruct a conveyancer. The good news is it doesn't have to break the bank. Get a free, instant quote here. We can also help with quick easy quotes for other moving related services.
Are you looking for the documents you'll need for your conveyancing transaction? Or official copies of the title or other documents from Land Registry. We can help you. Follow the links below.
I have two BTL properties solely in my name, and I wish to transfer(gift) them into joint ownership with my wife. We are also planning on re-mortgaging both to raise funds for a new house.
I understand that a property without any mortgage can be transferred into joint names without any stamp duty to pay.
But my mortgage broker advises that I should not completely pay the mortgages off, as it will make the mortgage application process longer & more complex due to properties then being unencumbered.
So my plan is as follows:
- Pay off mortgage 1 down to a small balance (say £10K)
- Do the equity transfer into joint names
- Remortgage in joint names
- Use these released funds to pay off mortgage 2 down to small £10K balance again, and again transfer ownership and then remortgage.
The second remortgage funds are needed to buy our new main home.
Is this is a legal / legitimate approach? How is the stamp duty calculated in this case? Can it all be done as part of normal conveyancing process, without any major delays?
Hi,
Nothing illegal about what you propose and it would be a legitimate way of avoiding stamp duty on the two transfers of equity however:
1. Whilst there is mortgage outstanding on the mortgages, even if it's only a small balance, you will need the lender's consent to the transfer. They may or may not consent
2. Lenders will generally want borrowers to have owned the property they intend to mortgage for at least six months so you may find you have to wait 6 months after each transfer of equity to remortgage (i.e. until your wife has been an owner for 6 months). This can be avoided if you remortgage and transfer simultaneously (it might not be a problem anyway because you will have the properties for more than 6 months)
Note that unless you are selling your current main home before or simultaneously with your new purchase you will have to pay higher rate stamp duty, i.e. 3% more than you would have paid if you did not own any other property