Transfer Of Title Deeds
Transfer of Title Deeds (also referred to as Transfer of Equity).
On occasion it may be necessary to transfer property between parties, this may be due, for instance, to Divorce, inheritance or gift. This is called transfer of title deeds and also referred to as transfer of equity.
You will be required to take legal advice and have a Solicitor assist you with the transfer of the property, Tollers can readily deal with this on your behalf in a smooth and efficient manner.
The Mortgage
If there is a registered mortgage that is not going to be redeemed on the transfer of the property the mortgage lender must provide their consent to the property being transferred prior to completion of the transfer. You will need to contact the lender and complete their paperwork and provide them with Tollers details, once the lender has consented to the transfer of the property the Transfer Deed can be prepared.
It may be that you decide to take a new mortgage over the property at the same time as the property is transferred and Tollers can also deal with this on your behalf, please see our re-mortgage guide.
Stamp Duty
There may be Stamp Duty implications to consider, for instance, if the property is to be transferred from two parties to one and the outgoing party is to receive financial consideration for transferring their interest in the property, if this is above the Stamp Duty threshold then Stamp Duty will need to be paid by the remaining party. If the existing mortgage is to be retained and the financial consideration together with 50% of the existing mortgage is above the Stamp duty threshold, again, Stamp Duty will need to be paid. Stamp Duty will not be payable if the parties are divorcing.
The following is a basic step by step guide to the legalities of transferring property:-
- Tollers will provide a competitive quote and our instruction pack.
- You will need to complete the instruction pack and attend one of our offices with your original identification, due to the Land Registry’s strict identification requirements to prevent property fraud (you can have your identity certified at the Post Office if you are unable to attend one of our offices).
- Once instructed Tollers will obtain a copy of the legal title from the Land Registry and prepare the Transfer Deed. If the property is being transferred by two or more people to one party, the outgoing party(ies) will need to obtain independent legal advice from an independent Solicitor, if the outgoing party does not wish to obtain independent legal advice they will need to still attend the offices of a Solicitor to complete an ID1 form, again, this is to comply with the Land Registry identification requirements as detailed above.
- If you are taking over the existing mortgage, the mortgage lender may need to seal the Transfer Deed and this will be sent to the lender once all parties have signed the Deed.
- Once the Transfer Deed has been signed by all parties it is then dated and sent to the Land Registry by Tollers, for registration to take place, this can sometimes take up to 6 weeks for the Land Registry to complete.
- Once the Land Registry has completed the registration of the transfer of the property a copy of the updated legal title is sent to the person remaining on the legal title for information.
Talk to Tollers
We will keep you updated throughout the process and a member of Tollers Conveyancing team will be on hand for any queries that may arise during the transaction. For more information, get in touch today.
