Conveyancing Guide to Transfer of Equity

The start of the Transfer of Equity conveyancing process - you instruct conveyancing solicitors to act on your behalf in the Transfer of your property.

You will need to:

  • Obtain Conveyancing Quotes for your Transfer of Equity Conveyancing Fees
  • Choose Conveyancing Solicitors or Conveyancers to act for you (and where required your new mortgage lender if applicable)
  • Pass your conveyancing solicitors details onto your new Mortgage Lender (where required)
  • Ensure you have paid for your mortgage valuation with your new Mortgage Lender (where required)
  • Pass your conveyancing solicitors details onto the conveyancing solicitors acting on behalf of the outgoing party (where applicable)

Your conveyancing solicitors will:

  • Provide a conveyancing quote for your Transfer of Equity legal conveyancing work
  • Open your Transfer of Equity conveyancing file and send you their client care information

You will need to:

  • Reply to your conveyancing solicitors client care information
  • Send any legal documents you have for the property you are Transferring to your conveyancing solicitors
  • Provide Identification, Information and usually make a payment on account

Your Conveyancing Solicitors will:

  • Receive and check your completed conveyancing documents
  • Carry out any client due diligence checks in relation to your identity
  • Request and obtain a copy of the title information held at the Land Registry for the property being transferred
  • Obtain any conveyancing title documents required from the Land Registry
  • Contact your current mortgage lender (if any) and request the title deeds for the property
  • Contact your current lender and request an initial redemption statement (amount owing statement) where necessary
  • Receive instructions from your mortgage lender (in instances where a party is being released from the current mortgage but you are remaining with your current mortgage lender and original mortgage)

You will need to:

  • Read and respond to any requests for instructions or information from your conveyancing solicitors
  • Provide a copy of the valuation report carried out on behalf of your new Mortgage Lender to your conveyancing solicitors (where applicable)

Your Conveyancing Solicitors Will:

  • Read and check the title to the remortgage property (where a new mortgage is being obtained)
  • Receive and check the title deeds from your current mortgage lender (if any)
  • Receive and provide a copy to you of the redemption statement issued by your current mortgage lender (if any)
  • Receive your formal Mortgage Offer from your new mortgage Lender (where applicable)
  • Receive a copy of the valuation report for the remortgage property from you
  • Draft the formal Transfer Deed and send this to you for formal execution (signing in the presence of a witness) and return – where the property is being transferred to joint names from a single person the new owner would execute the Transfer at this stage
  • Prepare and send to you the new mortgage lender’s formal Mortgage Deed for execution and return
  • Prepare and send to you the Stamp Duty Land Tax Return for checking, signature and return

You will need to:

  • Check you are happy with the financial aspect of your new Mortgage Offer
  • Return any documents your new mortgage lender may have requested
  • Check you agree with the redemption statement issued by your current mortgage lender and confirm this to your conveyancing solicitors
  • Execute and return the Transfer Deed to your conveyancing solicitors
  • Execute and return the Mortgage Deed to your conveyancing solicitors
  • Check, sign and return the Stamp Duty Land Tax return

Your Conveyancing Solicitors will:

  • Check and ensure the title to the property meets the requirements of your new Mortgage Offer (where necessary)
  • Check and ensure the mortgage valuation meets the requirements of your new mortgage lender (where necessary)
  • Carry out any conveyancing searches required by your lender under the terms of the mortgage (or arrange indemnity insurance in lieu of searches if acceptable to you and your new mortgage lender)
  • Receive and check the Transfer Deed
  • Receive and check the Mortgage Deed
  • Send the Transfer Deed to the outgoing party (or in cases where the outgoing party has instructed solicitors to the solicitors) for execution and return
  • In instances where the outgoing party is not receiving financial settlement in relation to their share in the property, draft a Declaration of Solvency to protect against future financial issues
  • Receive and check the conveyancing search results (where required)

You will need to:

  • Arrange buildings insurance or amend your current buildings insurance to accord with your new mortgage lenders requirements (where required)
  • Provide correct buildings insurance details to your conveyancing solicitors

Your Conveyancing Solicitors will:

  • Receive and check the Transfer executed by the outgoing party
  • Receive and check sworn Declaration of Solvency (where required)
  • Obtain and arrange any legal indemnity insurance policies required to protect against financial issues (only where required)
  • Receive, check and resolve any issues with the conveyancing search results (where required)
  • Resolve any issues with the title to the property
  • In cases where you are to remain with your current mortgage lender it will be necessary for your mortgage lender to formally execute the Transfer Deed – this would be sent to them at this stage for execution and return
  • Take your instructions regarding the legal completion date of your Transfer of Equity
  • Request, chase and obtain a final redemption statement from your current mortgage lender made up to the required completion date (where applicable)
  • Submit the Certificate of Title to your new mortgage lender to request funds be released in time for the legal completion date requested
  • Carry out the final searches and checks and resolve any final issues
  • Draft and provide to you a completion statement detailing the financial aspect of your Transfer of Equity
  • Ask you to send any monies required in order to complete your Transfer of Equity (only in instances where required)

You will need to:

  • Provide any information or instructions requested by your conveyancing solicitors
  • Check the completion statement and confirm your agreement with your conveyancing solicitors
  • Send any fund requested to your conveyancing solicitors client bank account (only where required)

The Legal Completion Date

Your conveyancing solicitors will:

  • Receive the mortgage funds from your new mortgage lender (usually the day prior to the legal completion date) where applicable
  • Send a same day bank transfer to your outgoing mortgage lender repaying your former mortgage account in full (where applicable)
  • Prepare and send to your outgoing mortgage lender formal discharge documents for the former mortgage (where applicable)
  • In instances where you are remaining with the same mortgage lender formally confirm legal completion of the Transfer with your current mortgage lender
  • Send any balance funds due back to you
  • Formally confirm legal completion with you
  • Pay any sums required to the outgoing party to the Transfer

You Transfer of Equity has now official completed and where applicable your new mortgage has started. Your conveyancing solicitors will continue with the post-completion legal conveyancing work for you.

Post Completion

Your Conveyancing Solicitors will:

  • Chase until receipt of formal mortgage discharge documents from your former mortgage lender (if applicable)
  • Submit the Stamp Duty Land Tax return to the Inland Revenue and pay any duty required
  • Obtain the formal certificate from the Inland Revenue
  • Prepare the formal application for registration of the repayment of your former mortgage, Transfer of Equity, and update the register with your new mortgage details and send this to the Land Registry
  • Receive and check the completed registration from the Land Registry
  • Provide a copy of the new register to you
  • Confirm registration of the new mortgage to your new mortgage lender and send any deeds or documents they require to them (if applicable)
  • Send any deeds or documents not required by your mortgage lender to you
  • Check the financial ledger on the Transfer of Equity file to ensure it is clear
  • Close the Transfer of Equity conveyancing file
  • Store your remortgage conveyancing file for the next 5 years as required under our professional
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