Transfer of Equity Procedure
Once you have decided to instruct us, our efficient and qualified team will proceed with the transaction immediately, as we aim to complete your purchase within 3 - 4 weeks. If you have a particular date/timescale our team will be happy to try and accommodate your needs.
About Transfer of Equity
A Transfer of equity is when an owner of a property transfers their ownership or part of it in the property. This can be transferred to another person(s) in percentage(s) depending on how much they own.
Mortgage
If there is a mortgage registered on the property, it is necessary to obtain their consent to the transfer, as it would be in the mortgage conditions when the mortgage was originally taken out.
Transfer Deed
The Transfer Deed is the official deed, which transfers the equity in the property to the other party.
Signature of Documents
Once consent from the lender has been granted, the transfer would be sent for signature. Once both parties have executed it, it would be forwarded to the lender for sealing. Both parties will also be required to sign a Land Transaction Return Form
Completion
All parties involved in the transfer should agree a date for completion. On that selected date the Transfer Deed is dated and the transfer takes place.
Post Completion
The executed transfer and Land Transaction Return Form is sent to HM Land Registry for registration. |
