Conveyancing Process Transfer of Equity

Conveyancing Process for the Transfer of Equity in a property is the carrying out of the administrative and legal steps required to transfer ownership.

Transfer of Equity Conveyancing process in the UK is often carried out by Conveyancing Solicitors or Licensed Conveyancers who usually act on behalf private individuals who require a Transfer of Equity Conveyancing Service.

The Conveyancing Process - Transfer Stages

The conveyancing process for a Transfer of Equity is made up of a number of different stages which must be performed, prior to final legal completion taking place.

The main stages of the conveyancing process for a property Transfer of Equity include:

  • Initial Stage
  • Pre-Completion Stage
  • Transfer Completion Stage
  • Post Completion

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Conveyancing Process for Transfer of Equity - Initial Stage

The conveyancing process for the initial stage of a property Transfer of Equity conveyancing transaction includes:

  • Receipt of formal instructions, obtaining of full details of the conveyancing transaction for the property Transfer and carrying out client identity checks
  • Requesting initial redemption statement from current mortgage lender (if any and where being discharged)
  • Requesting and obtaining title deeds from current mortgage lender or owner
  • Obtaining any additional documents of title that may be required in order to check the title to the property
  • Receipt of Mortgage valuation report for property (where a new mortgage is being obtained along with the Transfer)
  • Ascertaining if any searches are required and taking instructions and putting in hand (where applicable)
  • Confirming instructions with any conveyancing solicitors that may have been appointed by the outgoing party

The next stage of the conveyancing process for the Transfer of Equity of a property is the pre-completion stage and includes:

  • Formal Title Check and Interpretation of search results (where required)
  • Drafting of the formal Transfer Deed (Conveyance or Assignment)
  • Approval of formal Transfer Deed by other parties conveyancers or conveyancing solicitors (where appropriate)
  • Receipt of formal offer of Mortgage from new lender (where a new mortgage is being obtained)
  • Preparation of formal Mortgage Deed and report on legalities of new mortgage (new mortgage only)
  • Receipt and forwarding of initial redemption statement from current mortgage lender (mortgage being discharged)
  • Preparation of any additional documents required for new mortgage (new mortgage only)
  • Receipt and checking of title deeds from current mortgage lender
  • Obtaining correctly signed and executed documentation from Transfer clients
  • Obtaining correctly executed Transfer from outgoing party (where no conveyancing solicitors acting)
  • Obtaining formal execution of Transfer Deed from mortgage lender where current lender and original mortgage is remaining in place
  • Submission of Certificate of title requesting funds from new mortgage (where applicable)
  • Obtaining details of current buildings insurance arrangements
  • Drafting and provision of financial statements including final completion statement
  • Procuring final conveyancing search results
  • Final check and resolution of outstanding issues in relation to title, formal legal protection of the Transfer (where required) and compliance with mortgage lenders requirements
  • Preparation and procuring signature to Stamp Duty Land Tax return (where instructed)
  • Provision of payment for any monies due to client and outgoing party or their conveyancing solicitors

The Post Completion stage of the conveyancing process for the Transfer of Equity in a property includes:

  • Receipt of new mortgage monies
  • Formal redemption of any current mortgage
  • Preparation of formal discharge documents for current mortgage and confirming completion with current lender
  • Discharged mortgage lender formally confirming receipt of funds and removal of mortgage charge (where applicable)
  • Formal registration of Transfer and change in ownership plus any new mortgage and formal discharge of former mortgage
  • Confirmation of registration of new mortgage with new mortgage lender and provision of any documentation required
  • Confirmation of registration of new mortgage with Transfer of Equity client
  • Final file check and closure

A Transfer of Equity conveyancing file must be stored for a minimum period of years in accordance with our professional rules following conclusion of the conveyancing process for the Transfer of Equity in a property.

The Conveyancing Process further information

The Conveyancing Process and emphasis for a conveyancing solicitor or conveyancers depends very much on the matter type. For other matter type Conveyancing Process information choose from the following:

Conveyancing Process for Transfer of Equity- further links and information

Further information on the Transfer conveyancing process can be found in:

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