Transfer Of Equity

Transfer of equity is the term used to describe a change of ownership where at least one of the original owners remains on the legal title after the transfer of equity is completed. It will typically be done where a couple who own a property jointly separate (a 2 – 1 transfer of equity) or when a couple get together, perhaps when they get married and a property is transferred from one of the couple's sole names into both names (a 1 – 2 transfer of equity). Provided the transfer leaves at least one legal owner and not more than 4, there can be as many parties involved in a transfer of equity as the situation requires. For example, ex husband could be taken off the title and replaced by the new husband – a 2 – 2 transfer of equity.

A gift, is, as the name suggests, a transfer which involves property changing hands with no money or money's worth being paid to the outgoing owner. This would include a transfer of equity where the person who parts with his interest (or part of his interest) receives no payment.

We offer a transfer of equity kit provides a comprehensive, step by step guide to carrying out the transfer. It either contains or directs the reader to all of the forms that should be required for a standard transfer of equity transaction. The kit is free to subscribers. Before proceeding to use it however please read the rest of this page to ensure that it is right for you.

You can access the DIY transfer of kit here just click on the link and follow the on screen instructions.

Or if you would prefer a specialist conveyancer to do the work on your behalf, please feel free to use our Transfer of Equity Quote request system, it is quick, free and simple with no obligation.

Can I do my own conveyancing for a transfer of equity?

A transfer of equity is a fairly simple transaction and provided it does not involve the taking of a new mortgage or secured loan and there is no existing mortgage or secured loan on the property which will not be removed then it is usually possible to proceed without professional legal advice. The table below sets out some of the more common types of transaction and indicates whether this pack is appropriate

Please note that where there is any kind of dispute between the parties DIY conveyancing is not appropriate and professional advice should always be sought:

How much would a solicitor charge to carry out the transfer of equity?

Obviously each firm sets its own fee scales buy typically you could expect a solicitor to charge around £125 - £150 plus VAT. There will also be disbursements, such as a copy of the register of title and the Land Registry's fee for dealing with the application to register the transfer, but these will need to be paid just the same if you do the transfer of equity yourself.

Where the transfer involves taking someone off the title, a solicitor can only act for one party (i.e. the incoming and remaining owner(s) or the outgoing owner(s)). Whilst it is usually ok for just the incoming and remaining owners to be represented, if the outgoing owner chooses to employ a solicitor there will of course be additional costs.

Get a Transfer of Equity Quote from a range of conveyancing professionals now.

What Does Our Transfer of Equity Kit Contain?

Our DIY transfer of equity kit contains (or directs you to) all the forms you will need and includes comprehensive step by step guides to take you through the entire process. This is the list of contents:

• The Process Step-by-Step
• Obtaining Official Copies
• Checking the Official Copies
• Types of transfer of equity and similar transactions
• Dealing with Charges
• Obtaining Repayment Figures
• Completing the DS1
• Dealing with Notices
• Completing form UN2 – Removal of a Unilateral Notice
• Completing form UN4 – Cancellation of a Unilateral Notice
• Completing form CN1 – Removal of an Agreed Notice
• Completing form HR4 – Removal of a Home Rights Notice
• Dealing with Restrictions
• Completing form RX4 – Removal of a Restriction
• Specimen Deed of Covenant
• Drafting the Transfer Deed
• Land Registry Identity Requirements
• Dealing with Transfer Requirements in Leases
• Submitting and Interpreting the OS1
• Submitting and Interpreting the K16 (bankruptcy search)
• Completing the Transfer
• Completing and Submitting the AP1
• Joint Tenants or Tenants in Common
• Specimen Declaration of Trust
• Specimen Notice of Assignment
• Completing a Stock Transfer Form

Is DIY conveyancing right for me?

Successfully completing a transfer of equity transaction can be rewarding, both financially in terms of the legal fees saved and also in terms of the sense of achievement, however there are also risks involved.

You should note that the purpose of the transfer of equity kit is to provide you with the tools to carry your own transfer of equity conveyancing. You will not be professionally represented and as a result you will be solely responsible for any loss suffered as a result of the transaction. Free Conveyancing Advice accepts no liability for any loss. Please refer to the disclaimer at the foot of this page.

You should only proceed if you are fully confident to do so. Instructing a lawyer protects from any such loss in that the the lawyer will be obliged to compensate you for any loss suffered as a result of his negligence.

If you would like to access the DIY transfer of kit just click on this link and follow the on screen instructions.