Frequently asked questions
A transfer of equity is the process of transferring property ownership from one person to another. This could be all or only part of the property equity.
You will need a conveyancing solicitor to complete equity transfer. They’re able to support you with the legal requirements and processes involved. It's possible to complete some parts of the transfer without legal support, but not recommended.
Whether you pay Stamp Duty on transfer of equity depends on the 'consideration' and the nature of the transfer. For example, if the property is split equally between 2 people or not. Your solicitor can tell you if you will need to pay it.
On average, equity transfer should only take up 4-6 weeks. Usually, the main length of time taken is by the mortgage lender assessing eligibility. However, if you’re transferring equity without a lender, it can be very quick.
Cost can vary depending on the situation. Usually, transfer of equity costs can be anywhere between £100-£500 plus VAT. Factors that affect the cost of a transfer include the property’s value, if you’ll need to remortgage, and solicitor fees.
