After you have purchased a property, a time may come where you want to alter who is named on the title deeds. This may be adding someone on, taking someone off, or adjusting the percentage of the property that each person owns. This process of changing names is called a ‘Transfer of Equity’.
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After you have purchased a property, a time may come where you want to alter who is named on the title deeds. This may be adding someone on, taking someone off, or adjusting the percentage of the property that each person owns. This process of changing names is called a ‘Transfer of Equity’.
There are several steps involved in a Transfer of Equity. If there is a mortgage on your property, then you will first need to speak to your mortgage lender and get their consent for the Transfer. They will speak to you about your financial circumstances and then issue you with a Letter of Consent (if you are keeping your existing mortgage) or a Mortgage Offer (if you are taking out a new mortgage). Remember that the same people named on the property also need to be named on the mortgage, so take this into account when planning your transfer.
If you wish to add someone on to the deeds, then a single solicitor can take care of the whole process for you both from start to finish.
If someone is to be removed from the property however, then it is important to keep in mind that they will require their own, separate legal representation at a different firm of Solicitors.
Once you have got consent from your lender and have instructed a Solicitor, the process can begin.
If you have any queries regarding a Transfer or Equity, we're here to help.
At Banner Jones, our highly trained experts offer support and care to all of our clients. We also offer a sensitive approach to each case whilst also ensuring that all of our services are fully confidential. We will provide you with informative house conveyancing advice that will help you through the conveyancing process.
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Beth, Burton-on-TrentConveyancing Services
We just wanted to say a huge thank you to you for everything that you’ve done for us since we instructed the firm. We really appreciated the constant updates and all the guidance that you provided us with, as first time buyers it was really reassuring that we could ask you anything about the process. We would definitely use the firm again and would 100% recommend you to all our friends and family - you’ve done a fantastic job!
Thanks so much again.
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The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
A local authority search completed for a house purchase is valid for 3 months.
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
Unfortunately, in this situation the seller will not be able to give vacant possession, which will lead to completion delays. As a preventative measure, as per question 1, we can offer to exchange contracts and complete on the same day, which ensures that contracts are only exchanged if all parties in the chain are able to move on that day, thus reducing the risk to all parties. This can be more stressful so we ask that clients be sensible and accommodating of the situation.
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).
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Download our free guide covering everything you need to know about the process of buying or selling a residential property.
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Mr & Mrs B, MansfieldGreat service from start to finish. Josh kept us updated throughout the process and was always very prompt with responses. Highly recommended.
Mr & Mrs S, ChesterfieldWe opted to use Banner Jones for assistance with our property purchase. We found the team to be extremely professional and great with communication. All round impressed, would use again for other services. Thank You
Mr B & Ms R, Market WarsopCheryl gave an excellent service. Told us everything in detail. Good work, Cheryl.
Mr & Mrs H, MansfieldHollie was really great! What a great team, thank you very much!
Mrs S,SheffieldI received excellent service for the purchase of my house
Mr & Mrs B, ChesterfieldHouse moves are very stressful. First rate service. I was put at ease with everything and the way our move was handled. I would highly recomend Banner Jones.
Mr W, DerbyshireThanks very much Jenna. I have been very happy with Banner Jones's help in the sale of my home. Please pass on my thanks to Gemma. Best wishes.
Mr & Mrs C, HockleyHolly
Many thanks for all your help in making the sale /purchase of the above properties such a thoroughly smooth, stress free journey.
We can highly recommend your company .
Miss D, Clay CrossHolly was extremley helpful and efficient, she was aware that I wanted to purchase my house as soon as possible so that I could have refurbishments done. She activiely pushed the process forward as quickly as she could. I appreciated the extra time she took answering my questions and concerns. I wouldnt have understood the process without her advice and guidance.
Mrs D, Dronfield WoodhouseRichard Joy provided excellent and a prompt service
