Conveyancing Explained Transfer of Equity

Conveyancing is a legal term used in relation to a Transfer of Equity transaction to describe the legal processes involved in transferring the ownership of a property from either joint names into a sole name or to transfer a property from a sole owner to joint owners.

A Transfer of Equity conveyancing transaction is only suitable if an existing owner remains on the property register.  The Transfer of Equity may also include the securing of a financial sum, usually a mortgage on a property or land as a registered charge.

Conveyancing for a Transfer of Equity may include the removal of a current mortgage and the taking out of a new mortgage in relation to the property transfer.

The conveyancing process for a Transfer of Equity of a property is legal in addition to being administrative.

In a Transfer of Equity conveyancing transaction where a person is being removed from ownership of the property all parties should obtaining their own separate legal advice from conveyancing solicitors or conveyancers.

Specialist property lawyers called Licensed Conveyancers or Residential Conveyancing specialist Conveyancing Solicitors act in relation to most Transfer of Equity conveyancing transaction effected in England and Wales, although it is not impossible for an individual to carry out the conveyancing on their own behalf.  This would not be an option where a mortgage lender is involved as they will require legal representation.  Usually the conveyancing solicitors appointed to act on behalf of conveyancing clients will also act on behalf of the mortgage lenders. 

Conveyancing Process Explained - Transfer of Equity

Conveyancing when dealing with a Transfer of Equity has similar elements as seen in both a sale and purchase transaction.

If there is an existing mortgage lender or a new mortgage lender they will insist conveyancing solicitors or licensed conveyancers are instructed to act on their behalf.  You can choose and instruct the conveyancing solicitors providing they are acceptable to your mortgage lender.

In most instances the conveyancing process for a Transfer of Equity will usually begin following acceptance of the conveyancing quote for Transfer of Equity conveyancing costs.  Where the Transfer of Equity is required as part of a divorce agreement it is acceptable to instruct different solicitors to deal with the Transfer of Equity.

Conveyancing Transfer Explained

Conveyancing process for a Transfer of Equity is different from the conveyancing process for selling or buying a property although shares common elements with both.

Where a new mortgage is being obtained simultaneously with the Transfer it may become necessary for your conveyancing solicitors to instigate conveyancing searches and check title to the property where this is required under the mortgage lender instructions in common with a purchase conveyancing transaction.  The conveyancing solicitors or conveyancers must also deduce title to the property and ensure sight of the correct documents as in a sale conveyancing transaction.

When transferring a property it is imperative that the financial implications of the Transfer are carefully considered by your conveyancing solicitors and appropriate protection put in place for the client and any associated mortgage lender.

Further information regarding Transfer of Equity for a property can be found in our fee Conveyancing Guide to Transfer of Equity, written by our expert conveyancers to guide you through the process:

If you want information about another kind of conveyancing transaction, (such as buying or selling a property) click the relevant conveyancing guide link below:

Conveyancing Solicitors Transfer of Equity Explained

Conveyancing solicitors have legal duties and requirements including providing good quality and applicable legal advice during the conveyancing for your Transfer of Equity.

For further explanation of the conveyancing solicitors and conveyancers role in your property Transfer of Equity transaction see our Conveyancing Solicitors pages:

Conveyancing solicitors and conveyancers roles in different types of conveyancing transactions are explained more fully in our Conveyancing Solicitors section - choose from the following links:

Conveyancing Quotes for the legal Transferring of a Property

Conveyancing fees and Conveyancing costs likely to be incurred during the course of the conveyancing for your Transfer of Equity are discussed in more detail at:

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