Complete Clarity Solicitors

Transfer of title deeds Scotland solicitor

the times
consensus
Family Law solicitors
emmaking
family law
the law society

It is a legal process that changes who owns a piece of property. Seeking expert legal advice is essential when transferring equity because it could drastically alter the circumstances for you and all parties.

We have helped our clients transfer equity for several reasons, such as:

  • The cohabitation’s terms have altered or stopped (for example, in a divorce case).
  • An order from the court.
  • Gifts of property are given.
  • Exchanges of property between family members
  • The establishment of a trust

Experts in real estate and conveyancing from Complete Clarity are on hand to help with any situation. We have the know-how to help you finish the process quickly and with the least amount of hassle because we have experience helping clients with equity transfers. We are among the leading property law firms in the UK, and our skilled solicitors take great pride in offering every one of our customers dependable, effective, and efficient services. Our conveyancing and property team may be reached by phone at 0808 169 5822, or you can fill out our contact form and we will call you.

Conveyancing Fees

We provide a variety of conveyancing services. Click the link to see the break down of conveyancing fees. 

Click Here

Frequently Asked Questions

What Is The Price Of Equity Transfer?

Two costs are necessary for equity transfers:

  • Our set legal cost
  • The cost of Land Registry

Other expenses may also be owed, depending on the specifics of the equity transfer. If a new mortgage is being applied for at the same time, search fees will also be assessed. Depending on the property’s equity, stamp duty land tax may also be applicable. To ensure you understand what will be charged to you and when we will always go over prices and payment schedules with you at the start of our involvement.

How much time does it take to transfer equity and title deeds in Scotland?

Usually takes four to six weeks, though the precise time will vary because each transaction is different. The process will take longer if you have a mortgage.

We understand how important it is to resolve property disputes quickly, especially when your family’s home is on the line. Our experienced real estate attorneys will do all in their power to complete your transaction as quickly as possible. With a comprehensive service available by phone, email, and postal mail, you may manage anything whenever it’s convenient for you.

Relevant Details: Equity Transfer

Transfer of Equity: What Is It?

Equity is the value of your house less the remaining amount of your mortgage. For example, you have £120,000 in equity if your property is worth £200,000 and your mortgage balance is £80,000. If you got married and wish to co-own the home with your new spouse, you can only transfer half of the equity, which in this situation is £60,000. Half of the property’s value cannot be transferred.

Scottish process for transferring equity

To start a Transfer of Equity, a certified copy of the property’s title is needed. This will be used to ascertain whether the property is subject to any mortgages or possible legal constraints. Your conveyancer will then:

  • Look over the title deeds or property.
  • Check the clients’ identities.
  • Prepare the transfer deed.

The next course of action will depend on whether any payments are present on the property.

  • If there are no mortgages on the property, the conveyancer registers the transfer deed with the Land Registry after the new and existing owners sign it in front of a witness.
  • You will need a Stamp Duty Land Tax certificate if the transaction is worth more than £40,000.

If the property is mortgaged, you will also need the mortgage lender’s consent to move forward with the ownership transfer.

This is because all individuals added to the title will be held jointly liable for the mortgage. You should be aware that the amount of the outstanding debt may be subject to Stamp Duty Land Tax. For further information, get in touch with us.

Similarly, removing a person’s name from the title will shift their liability to the remaining owners of the property. The lender will want to make sure the remaining owners can continue to make their payments before accepting the transfer.

Your conveyancing solicitor will get in touch with the mortgage lender to get official clearance for the transfer. The lender may try to change the terms of the mortgage before accepting. Once written approval has been acquired, the process can proceed as usual. If the lender does not approve, you have to pay off the entire value of the house before proceeding with the transfer. A cash payment or a refinance with another lender who will accept the transfer are the two ways you can accomplish this.

Get expert legal advice from our conveyancing solicitors 

Our knowledgeable solicitors take great satisfaction in providing each client with prompt, dependable, and effective service. Our conveyancing and property team in Glasgow may be reached by phone at 0808 169 5822. Alternatively, you can fill out our contact form, and we will contact you.

Complete Clarity Solicitors Relax.
You’re in good hands

Get in touch
We’re here to help

Please note: We do not offer legal aid

request call icon

What happens next?