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Changing the legal ownership of property is known as a transfer of equity. Our highly experienced residential property lawyers have considerable expertise in helping clients to transfer equity for a number of reasons including:
- On divorce, dissolution or separation of a cohabiting couple
- When property is being gifted
- Transferring property between family members
- On the formation of a trust.
A transfer of equity can have a number of implications and it is important to seek expert advice early on. As a full service firm, we work closely with our colleagues in our family and tax planning teams to ensure that all aspects of a transfer of equity are taken into account, so that is runs as smoothly as possible.
When would you transfer equity in a property?
There are a number of reasons why you may wish to make a transfer of equity. You may be divorcing or separating, or indeed adding a new spouse or civil partner to the title of a property.
Alternatively, you may be transferring equity as partner of a wider tax and estate planning exercise, to help mitigate Inheritance Tax or Capital Gains Tax.
How long does a transfer of equity take?
As with buying or selling a property, we aim to progress matters as quickly as possible, but all transactions are different. We would expect a typical transfer to take between 4 – 6 weeks However, transactions can compete much more quickly if all parties are committed to doing so and the documentation and funding is in place. Mortgage offers, delayed searches, management packs and information from third parties are all factors that can influence the time a transaction takes.
Is SDLT payable on a transfer of equity?
Transfers of equity can be subject to SDLT but it will depend on the specific facts agreed and we can help advise on the potential liability.
Thank you so much for all you have done for us over the last two years. It feels like quite an achievement to have dealt successfully with the prolonged processes of our own sale and purchase and then the same for the properties in my brother’s estate. That we have emerged from it all relatively unscathed is in no small measure down to you.
We particularly value your professional expertise, your reliability, your efficiency, your practicality and your warm approachability. Needless to say we shall certainly be in touch if we’re ever foolish enough to decide to move again.
How can we help
Buying or selling a home can be the largest investment you make; so you want to make sure you get expert property advice and the best value for money. Our highly respected residential property and conveyancing team is one of the largest and most experienced in Kent, serving client across the South East, London and nationally.
We know that moving house can be stressful. With us, you will have your own dedicated lawyer to help the transaction run as smoothly and quickly as possible.
With a broad range of property conveyancing legal know-how we provide an efficient, personal and informative service to our clients in the following areas:
- Freehold and leasehold – sales, purchases, mortgages and re-mortgages
- High value properties (including large country homes and prestigious London properties)
- Listed buildings
- Holiday homes and investment properties
- First time buyers
- Executor and attorney sales
- Court of Protection sales and purchases
- New-builds
- Lease extensions and lease enfranchisement
- Matrimonial and probate transfers
- First registrations of title with the Land Registry.
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