Conveyancing Costs Transfer of Equity

Conveyancing costs for a Transfer of Equity conveyancing transaction are made up of the fees, costs and charges incurred during the course of the conveyancing process for a Transfer of Equity

A Transfer of Equity is a legal conveyancing transaction where the owners of a property change but at least one of the current owners remain.  Conveyancing costs when transferring a property usually consist of the conveyancing solicitors or conveyancers legal fees plus any legal disbursements (third party payments) required.

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Transfer of Equity Conveyancing Costs - What services will I pay for?

  • Solicitors Conveyancing Fees - The conveyancers or conveyancing solicitors labour charges for dealing with the legal work undertaken on your behalf in the Transfer of Equity.  Where a new mortgage is also being obtained legal fees will also be charged for acting on behalf of the new mortgage lender.  Legal Fees will normally attract vat in addition to the legal fee itself.
  • Legal Disbursements - These are costs incurred with third parties (mainly government departments) for services or information required by your conveyancing solicitors to enable the legal conveyancing work for your transfer to be carried out correctly. 

Transfer of Equity Disbursements - What are they likely to be?

The legal disbursements for a Transfer of Equity conveyancing transaction usually consist of:

The Land Registry Fee

The Land Registry are a government department that deals with the ownership of property and land in England and Wales.  Your Transfer of Equity will be required to be registered at the land registry following completion and the appropriate fee will be payable in accordance with the Land Registry scale fee.

The Land Registry Fee Scale 1
Purchase price of Property £’s Land Registry Fee
0 - 50,000 £50
50,001 - 80,000 £80
80,001 - 100,000 £130
100,001 - 200,000 £200
200,001 - 500,000 £280
500,001 - 1,000,000 £550
1,000,001 and above £920

The amount you pay for the land registry fee will be determined by the amount the property is transferred for. If in your case you are paying an outgoing party their share of the equity than that figure will normally be used to ascertain the correct land registry fee payable as part of the costs of your transfer of equity.

Stamp Duty Land Tax

Stamp Duty Land Tax is payable on all property transfers that include financial consideration above the current threshold including Transfer of Equity and the current threshold to attract Stamp Duty is £175,000. This figure is subject to revision by the government at any time.

  •  When dealing with a transfer of equity the transfer value is calculated by reference to any outstanding mortgage being repaid (halved if the transfer is from two current owners to one individual owner) plus the amount actually being paid to the out going party.
  • The majority of Transfer of Equity matters do NOT attract Stamp Duty Land Tax and therefore it will not usually form part of the conveyancing costs.  However, you should note the threshold as it will be payable on transactions that exceed the current level.
Stamp Duty Land Tax (Current rates)
Purchase price of Property £’s Stamp Duty Land Tax payable as a % of the Purchase Price
0 - 175,000 0%
175,001 - 250,000 1%
250,001 - 500,000 2%
500,001 and over 4%

Conveyancing Searches for Transfers of Equity

Most Transfer of Equity transactions will not require conveyancing searches to be carried out (particularly where there is no mortgage lender involvement or in cases where the mortgage is to remain with the same lender) however, where a new mortgage is being obtained as part of the transfer of equity process searches may be required.  The most common conveyancing searches required by mortgage lenders are:

  • Local Search or Local Authority Search - Sent to the local authority in the area which the property is located
  • Drainage and Water Search - Sent to the water authority which serves the property
  • Environmental Search - Carried out by a risk management consultant to ascertain the level of environmental risk associated with the property
  • Chancel Check - carried out to check if the property has potential for chancel repair liability
  • Coal Authority Search - carried out on property in areas affected by past or present coal mining

Where you are obtaining a new mortgage in addition to a Transfer of Equity and your mortgage lender requires conveyancing searches your conveyancers or conveyancing solicitors will confirm and give you cost details.  As a rule of thumb, you should allow between £100 and £200 for conveyancing searches, although if you live in London  local searches tend to cost more.  To check the cost of the local authority search speak with the local authority.  If your conveyancing solicitors use a Law Society recommended NLIS provider (an online provider for speed, efficiency and quality purposes) a fee will also be payable to the NLIS provider for use of the hub.

  • Title Information - For registered property a copy of the register for the property known as an Official Copy Entry together with a copy of the filed plan will normally be sufficient.  The cost is £6.00 in total.
  • Pre-Completion Searches - Pre-completion searches are a Land Registry Search which essentially freezes the property register pending registration of the Transfer of Equity preventing any further changes being made to the register - this costs £3.00 via Land Registry Direct online service and where a new mortgage is being obtained a bankruptcy or land charges search is required against each person - using Land Registry Direct these searches cost £2.00 per person.

Other Legal Disbursements

The majority of Transfer of Equity conveyancing transactions will not attract any further legal disbursements however, in cases where a Transfer is considered to be  undervalue further legal fees may be payable in respect of work required to protect the transfer from challenge should the outgoing party suffer financial difficulties.  In addition further legal disbursements may be incurred in cases where a legal indemnity policy is required to protect the new mortgage lender.

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