DIY Transfer of Equity Kit

Click the link to get the DIY Transfer of Equity Kit

Transfer of equity is the term used to describe a change of ownership where at least one of the original owners remains on the legal title after the transfer of equity is completed. It will typically be done where a couple who own a property jointly separate (a 2 – 1 transfer of equity) or when a couple get together, perhaps when they get married and a property is transferred from one of the couple's sole names into both names (a 1 – 2 transfer of equity). Provided the transfer leaves at least one legal owner and not more than 4, there can be as many parties involved in a transfer of equity as the situation requires. For example, ex husband could be taken off the title and replaced by new husband – a 2 – 2 transfer of equity.

Our transfer of equity kit aims to provide an in depth, step by step guide to carry out a transfer of equity. It either contains or directs the reader to all of the forms that should be required for a standard transfer of equity transaction. The kit is free to subscribers. Before proceeding to use our transfer of equity kit however please read the rest of this page to ensure that it is right for you.

Click the link to get the DIY Transfer of Equity Kit

Can I do my own conveyancing for a transfer of equity?

A transfer of equity is a fairly simple transaction and provided it does not involve the taking of a new mortgage or secured loan and there is no existing mortgage or secured loan on the property which will not be removed then it is usually possible to proceed without professional legal advice. The table below sets out some of the more common types of transaction and indicates whether this pack is appropriate Please note that where there is any kind of dispute between the parties DIY conveyancing is not appropriate and professional advice should always be sought:

Common Transaction Types	Can our kit be used?
Transfers when people are added to the title (i.e. they become joint owners) and when no money changes hands which are not subject to a new mortgage or secured loan or to a mortgage or secured loan that will not be repaid	YES
Transfers when people are added to the title (i.e. they become joint owners) and when £40,000 or less changes hands which are not subject to a new mortgage or secured loan or to an existing one that will not be repaid	YES
Transfers when people are removed from the title (i.e. they cease to be joint owners) and when no money changes hands which are not subject to a new mortgage or secured loan or to a mortgage or secured loan that will not be repaid	YES
Transfers when people are removed from the title (i.e. they cease to be joint owners) and when £40,000 or less changes hands (the transaction must not involve a new mortgage or secured loan or be subject to any mortgage or secured loan that will not be repaid)	YES
Transfers of any type that involve the taking of a new mortgage or secured loan	NO
Transfers of properties which have mortgages or loans secured on them which will not be repaid as part of the transaction	NO
Transfers where the property is being given to somebody as a gift	YES
Transfer involving the repayment of an existing mortgage or secured loan where no new mortgage or secured loan is taken out	YES
Transfers of property to the beneficiary under a will or intestacy (Assents)	NO
Purchases (including cash purchases)	NO
Transfers of unregistered land	NO

How much would a solicitor charge to carry out the transfer of equity?

Obviously each firm sets its own fee scales buy typically you could expect a solicitor to charge around £125 - £150 plus VAT. There will also be disbursements, such as a copy of the register of title and the Land Registry's fee for dealing with the application to register the transfer, but these will need to be paid just the same if you do the transfer of equity yourself.

Where the transfer of equity involves taking someone off the title, a solicitor can only act for one party (i.e. the incoming and remaining owner(s) or the outgoing owner(s)). Whilst it is usually ok for just the incoming and remaining owners to be represented, if the outgoing owner always to employ a solicitor there will of course be additional costs.

What Does Our Transfer of Equity Kit Contain?

Our DIY transfer of equity kit contains (or directs you to) all the forms you will need together with comprehensive step by step guides to take you through the entire process. This is the list of contents:

The Process Step-by-Step

Obtaining Official Copies

Checking the Official Copies

Types of transfer of equity and similar transactions

Dealing with Charges

Obtaining Repayment Figures

Completing the DS1

Dealing with Notices

Completing form UN2 – Removal of a Unilateral Notice

Completing form UN4 – Cancellation of a Unilateral Notice

Completing form CN1 – Removal of an Agreed Notice

Completing form HR4 – Removal of a Home Rights Notice

Dealing with Restrictions

Completing form RX4 – Removal of a Restriction

Specimen Deed of Covenant

Drafting the Transfer Deed

Land Registry Identity Requirements

Dealing with Transfer Requirements in Leases

Submitting and Interpreting the OS1

Submitting and Interpreting the K16 (bankruptcy search)

Completing the Transfer

Completing and Submitting the AP1

Joint Tenants or Tenants in Common

Specimen Declaration of Trust

Specimen Notice of Assignment

Completing a Stock Transfer Form

Click the link to get the DIY Transfer of Equity Kit

Is DIY conveyancing right for me?

Successfully completing a transfer of equity transaction can be rewarding, both financially in terms of the legal fees saved and also in terms of the sense of achievement, however there are also risks involved.

You should note that the purpose of the transfer of equity kit is to provide you with the tools to carry your own transfer of equity conveyancing. You will not be professionally represented and as a result you will be solely responsible for any loss suffered as a result of the transaction. Free Conveyancing Advice accepts no liability for any loss. Please refer to the disclaimer at the foot of this page.

You should only proceed if you are fully confident to do so. Instructing a lawyer protects from any such loss in that the the lawyer will be obliged to compensate you for any loss suffered as a result of his negligence.

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Disclaimer:

This website is for general information only and does not constitute professional advice. The author of this site is NOT a solicitor, licensed conveyancer, legal executive or otherwise legally qualified. Whilst Free Conveyancing Advice makes every effort to maintain the accuracy of the information on this web site, Free Conveyancing Advice shall not be liable for any loss, effect, reaction or subsequent result of the use of any product, information or service advertised or displayed on this site. The readers of Free Conveyancing Advice assume full responsibility for using the information on this web site. It is recommended that you always seek the advice of a lawyer. The legal information supplied only applies to England and Wales.

Links to other sites from this site are for information only and Free Conveyancing Advice accepts no responsibility or liability for information contained on any site which is linked from or to this site.