Cohabiting couples are now the fastest‑growing family type in the UK. Yet many remain...
Are you thinking about transferring the ownership of your property or part of it to someone else?
There are many reasons why you might choose to do this. For example, your cohabitation arrangements may have changed as a result of a divorce or separation, in which case you may be thinking about transferring the ownership from joint names to a sole name. A court may even have ordered this.
On the other side of the coin, you may be getting married and thinking about transferring ownership from a sole name to joint names. You may be a parent thinking about transferring ownership to an adult child by way of a deed of gift. You may be thinking about transferring ownership for tax reasons or as part of a trust arrangement.
Whatever the reason for the transfer, it is essential that each stage of the process is completed correctly to avoid unexpected issues in the future. Our conveyancing experts are here to help things run smoothly for you.
At hpjv, we provide bespoke conveyancing services to clients across Newport and South Wales. We understand that with most property transactions, time is of the essence; we’ll act swiftly to complete your transfer of equity as efficiently as possible and we will keep you up to date throughout the process so you never have to worry about the progress of your case.
To set up an appointment with one of our transfer of title solicitors in Cardiff, Newport and Chepstow, just give us a call, email enquiries@hpjv.co.uk, or fill in the enquiry form at the top of the page.
How can our transfer of equity solicitors in Cardiff, Newport and Chepstow help you?
Our transfer of title solicitors have substantial experience helping clients achieve their property goals. Whatever the reasons for the transfer, you will find that we are on hand to ensure that everything progresses smoothly at each stage of the transfer process. We deliver clear, realistic advice based on years of expertise in property law and we’ll provide impeccable customer service, keeping you up-to-date throughout and acting without delay to complete the transaction as efficiently as possible.
Transfer of title matters are sometimes accompanied by a remortgage. In such cases, we will treat the transfer and remortgage as one piece of work, aiming to complete all aspects of the work within a realistic timescale.
We are recognised for our skills by the Law Society with the Conveyancing Quality Scheme Accreditation which is only awarded to firms offering the highest standards of advice and representation.
What is a transfer of equity?
Transfer of equity, or transfer of title, is the process of adding or removing someone’s name to the legal title to the property (or transferring the property in full) so that they obtain or relinquish a share of the equity and responsibility for any mortgages.
Equity is the value of your home less the amount of any outstanding mortgage. For example, if your house is worth £200,000 and your outstanding mortgage is £150,000, the amount of equity you own is £50,000.
The transfer of title process
The standard transfer of title process is relatively straightforward. If there is no mortgage on the property, then the procedure works as follows:
- First, we will review the title to the property
- We’ll check the identities of the people involved
- We’ll prepare a transfer deed
- You will sign the deed in the presence of a witness
- We will register the transfer deed at the Land Registry and ensure any Stamp Duty is paid
What if there is a mortgage on the property?
If there is a mortgage on the property, then you will need permission from your mortgage lender prior to the transfer taking place.
If the mortgage lender will not consent to the transfer, then the mortgage will need to be paid off, either in cash or by obtaining a remortgage.
Unfortunately, this means the process is a little more complicated but, again, we are here to help with all aspects of your matter.
How long does a transfer of equity take?
If there is no mortgage on the property and no money is changing hands, then the transfer process is fairly straightforward and we can complete the deed of transfer quite quickly. We will then contact the Land Registry on your behalf and ensure that all necessary documentation is completed. The Land Registry will then take a few weeks to fully register the new owners of the property.
Do you have to pay Stamp Duty?
You may have to pay Stamp Duty Land Tax, or Land Transaction Tax for properties in Wales, when transferring the title to your property.
We will advise in relation to any Stamp Duty obligations and deal with any necessary Stamp Duty forms for submission to HMRC.
VARIABLE (THRESHOLD-BASED) FEES
Professional Charges
| FREEHOLD | LEASEHOLD | ||||
|---|---|---|---|---|---|
| Band Start (£) | Band End (£) | Fee (£) | PLUS VAT | Fee (£) | PLUS VAT |
| 0 | 80,000 | 600 | 720 | 850 | 1,020 |
| 80,001 | 99,000 | 600 | 720 | 850 | 1,020 |
| 99,001 | 199,000 | 600 | 720 | 850 | 1020 |
| 199,001 | 300,000 | 600 | 720 | 850 | 1020 |
| 300,001 | 400,000 | 600 | 720 | 850 | 1020 |
| 400,001 | 500,000 | 600 | 720 | 850 | 1020 |
| 500,001 | 600,000 | 600 | 720 | 850 | 1020 |
| 600,001 | 700,000 | 650 | 780 | 900 | 1080 |
| 700,001 | 800,000 | 700 | 840 | 950 | 1140 |
| 800,001 | 900,000 | 800 | 960 | 1,050 | 1,260 |
| 900,001 | 1,000,000 | 900 | 1,080 | 1,150 | 1,380 |
| 1,000,001 | 1,200,000 | 1,000 | 1,200 | 1,250 | 1,500 |
| 1,200,001 | BESPOKE | ||||
| Threshold (£) | Threshold (£) | ||||
| 1,200,000 | 1,200,000 |
Additional Work
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above which are based on a standard transaction.
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents, we have previously requested from you have not been provided to us
- If the property is a new build
- If the property is less than 10 years old
- There is more than one secured charge to redeem or register
- Funds being supplied by third parties
- Dealing with a freehold estate management company to include obtaining and reviewing their sales pack and complying with their requirements upon transfer/sale/purchase of a property.
Where there is likely to be any additional work leading to an increase of costs, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs are set out below.
| Additional Fees for freehold and leasehold | Fee + VAT (£) |
|---|---|
| ID Admin Fee per party £30 | £36 |
| Mortgage Admin Fee £150 | £180 |
| No search indemnity £50 | £60 |
| Bank Transfer Fee £30 | £36 |
| Help to Buy Wales redemption £200 | £240 |
| Giftor Admin Fee (per giftor) £200 |
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches such as a Water and Drainage Search, which typically costs £26.40.
| Item | Amount | Fee | VAT | Subtotal |
|---|---|---|---|---|
| ID Check for overseas clients or donors (per person) | £20 | £4 | £24 | |
| Telegraphic Transfer Fee | Per payment | £30 | £6 | £36 |
Land Registry Fee Submitted via the Land Registry portal and is a transfer of whole registered title. (To register part of a registered title will incur higher Land Registry fees) | £0 - £80,000 | £20 | £4 | £24 |
| £80,001 - £200,000 | £100 | £20 | £120 | |
| £200,001 - £500,000 | £150 | £30 | £180 | |
| £500,001 - £1m | £295 | £59 | £354 | |
| £1,000,001 and over | £500 | £100 | £600 | |
| Bankruptcy Search (per person) | £6.00 | £1.20 | £7.20 | |
| Land Registry Search Fee (OS1) | £7.00 | £1.40 | £8.40 | |
| Office Copy Documents (per title) | £21.00 | £4.20 | £25.20 | |
Regulated authority search Official water and drainage search Groundsure Homebuyers report (Environmental Searches including Flood Data) | £229.63 | £45.92 | £275.56 |
Exclusions
We do not undertake tax advice.
Please note that neither hpjv solicitors or the search companies will physically inspect the property and our role relates to the conveyancing on the legal title to you and reporting on the search results. We advise you to instruct a surveyor to investigate the structure and services at the property and report to you on any issues and/or identify any works required prior to you entering into a legal commitment to purchase the property.
We are not qualified to offer any advice as to the height, construction, structural, building safety or fire safety of the property or buildings and you are advised to seek advice from a surveyor qualified in this area. We are therefore not able to offer any advice on these issues so you must exercise your own due diligence and consult an appropriate professional.
hpjv Solicitors App
We know our clients lead busy lives and would prefer to have the option to catch up on the progress of their conveyancing in their own time. With our hpjv Solicitors app, you can follow the progress of your matter with clearly defined milestones, make payments and provide ID electronically, and can correspond directly with your solicitor at a time that suits you. We pride ourselves on providing an efficient and seamless service with our clients at the heart of what we do and this app has been designed to keep you updated by providing live matter information whenever a task is completed by us, saving you unnecessary time spent on phone calls and emails.
If you decide to instruct us, you will benefit from:
- Competitive fixed fees with no hidden costs
- Our extensive experience of arranging transfers of title
- Clear jargon-free advice
- Regular up-dates by phone, email or via our App
- A friendly, professional, and, reliable service
- We are accredited members of the Law Society’s Quality Conveyancing Scheme
Get in touch with our conveyancing solicitors today
Contact us in Cardiff, Newport or Chepstow today and we will be happy to speak to you about how we can help you with a transfer of property. Just give us a call, email enquiries@hpjv.co.uk, or fill in the enquiry form at the top of the page.
