Transfer of Equity - Residential Property
Our fees cover all of the work required to complete the transfer of equity of the property.
Conveyancer’s fees and disbursements:
Value of property Legal fees:
Any value £350.00 plus VAT
Electronic money transfer fee £30 plus VAT of £6
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
Land Registry registration fee on a scale dependent on price as per link https://www.gov.uk/guidance/hm-land-registry-registration-services-fees#scale-1-fees
Land Registry search £3.00
Office Copies £6.00
Stamp Duty or Land Tax - if you are currently the sole owner of the property and you are transferring to yourself and another person and have a mortgage over the property, you will first need to obtain the consent of your lender to the transfer of equity and let them have our contact details. They will then issue us with their requirements. The lender may charge a fee for giving such consent.
If at the end of the transfer of equity one of you will own more than one property and the consideration is £40,000 or more then stamp duty will be payable You can calculate the amount you will need to pay by using HMRC’s website as per link
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using the Welsh Revenue Authority’s website here https://beta.gov.wales/land-transaction-tax-calculator
Stages of the process
The precise stages involved in the transfer of a residential property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
Take your instructions and give you initial advice
Obtain Office Copies
Obtain and report on the consent of the lender
Draft Transfer deed
Agree completion date (date from which you own the property)
Exchange contracts and notify you that this has happened
Complete transfer of equity
Deal with payment of Stamp Duty/Land Tax
Deal with application for registration at Land Registry
The process will take around 2-6 weeks.