Conveyancing Solicitors Transfer of Equity

Conveyancing Solicitors are normally instructed by clients who wish to carry out a Transfer of Equity in relation to a property. 

Conveyancing is a legal term most often used in relation to a Transfer of Equity to describe the process of transferring a property from joint names into one sole name or from a sole name into joint names where at least one original owning party remains.

In Transfer of Equity conveyancing transactions the conveyancing solicitors or conveyancers may also act (where required) on behalf of both the outgoing mortgage lender and new mortgage lender or where a mortgage lender has agreed to the Transfer of Equity, for the existing mortgage lender.

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Online Conveyancing Solicitors - Transfer of Equity

Online conveyancing solicitors provide online conveyancing services to client who require a Transfer of Equity in relation to a property.   Online Conveyancing processes employed by conveyancing solicitors when dealing with property Transfer can vary dependent upon conveyancing provider.  Some conveyancers  and conveyancing solicitors advertise online with a website or by way of listings on a website provided by a legal services broker.  They may then not offer any further online advantages.

Dedicated online conveyancing solicitors can provide an effective and efficient online conveyancing service for Transfer of Equity for a property by providing most legal documents and reports to clients by email, taking advantage of online services to carry out conveyancing searches via the Law Society’s recommended online NLIS hub and by accepting electronic delivery of documents and services from organisations such as the Land Registry, Local Authorities (where available) and Inland Revenue.

Will I need Conveyancing Solicitors to Transfer my property?

A transfer of equity conveyancing transaction invariably requires the services of conveyancing solicitors or licensed conveyancers.  In Transfer of Equity transactions that involve an outgoing party, all parties where being released or remaining as an owner should instruct conveyancing solicitors to protect their own interest.  A conveyancing solicitor or conveyancers will not be able to provide legal advice to both parties and will act in the best interest of one party only. 

Do it yourself conveyancing is not impossible for a Transfer of Equity, however, mortgage lenders will not accept you acting on their behalf and will insist conveyancing solicitors or conveyancers are appointed to act for them.  If you fail to instruct solicitor no doubt your mortgage lender will instruct conveyancing solicitors directly to act for them.  You will be always be responsible for your mortgage lenders legal fees, therefore it is likely to be cheaper and easier for you to take control and instruct your own chosen conveyancing solicitors or conveyancers.

Conveyancing Solicitors Services - Transfer of a Property

A property Transfer of Equity will include various duties for your conveyancing solicitors or conveyancers:

  • Providing costs and complaints information
  • Giving advice, taking instructions and reporting on any conveyancing searches required for the transfer property (where a new mortgage is being obtained)
  • Taking instructions and drafting the formal Conveyance which will effect the Transfer of the Property
  • Reporting full details of all legal aspects in relation to the new mortgage of the property
  • Ensuring correct execution of all legal documents in relation to the Transfer
  • Confirming the clients Identity to government institutions including the Land Registry
  • Giving legal advice in relation to legal obligations created with the Transfer
  • Giving legal advice and providing remedies and solutions to the protection of the Transfer and security of the transferees investment
  • Drafting of legal documents (Declarations) where required
  • Assessing and obtaining relevant insurance to protect the Transfer where required
  • Giving legal advice in relation to obligations created with any new mortgage
  • Giving legal advice in relation to the correct execution of the mortgage Deed
  • Ascertaining where Stamp Duty Land Tax is payable for the transaction and where instructed preparing the Stamp Duty Land Tax return and submitting to the Inland Revenue.

Conveyancing solicitors duties for the mortgage lender for a Transfer of Equity conveyancing transaction include ensuring:

For a current Mortgage Lender remaining:

  • Ensuring correct drafting of the Legal Transfer
  • Ensuring compliance with the mortgage lenders instructions
  • Checking title and carry out any conveyancing searches required
  • Ensuring the transfer is adequately protected in relation to future claims
  • Forwarding and obtaining correct mortgage lender execution to the Transfer
  • Correct registration of the Transfer and amendments to the original mortgage

For an outgoing Mortgage Lender

  • Formal instructions issued by the mortgage are followed and complied with
  • Sufficient sums are obtained for mortgage redemption (repayment)
  •  Accept receipt of the remortgage monies on behalf of the mortgage lender
  • Formal redemption of the mortgage
  • The Mortgage is discharged and formally removed from the property title

For a new Mortgage Lender

  • Compliance with the mortgage lenders instructions and all Council for Mortgage Lenders requirements
  • Check title to the property is deemed “good and marketable” and provides security for mortgage purposes
  • Sufficient insurance protection is obtained and placed on risk (where required)
  • Conveyancing searches (where applicable) needed under the Council for Mortgage Lenders instructions are obtained and acceptable
  • Preparation and execution of the Mortgage Deed/Legal Charge/Security Documents
  • Buildings insurance arrangements are effected correctly
  • Post completion matters are processed within set time limits
  • Mortgage and Transfer registration with the Land Registry within set time scales
  • Deeds and Documents required are forwarded to the mortgage lender

The details provided are not exhaustive and are intended only to provide information (and not legal advice) to the general public about the duties your conveyancing solicitors or conveyancers are required to perform when acting on your behalf when Transferring Equity in a property.  For further information on the Transfer of Equity conveyancing process see our Free Conveyancing Guide to Transfer of Equity.

Further information on the legal conveyancing work carried out by conveyancing solicitors during the course of a property transaction click the required property transaction type:

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