Transfer of Equity - Clear Pricing

What is involved?

All of the work required to complete the transfer of equity in your home, including liaising with any Mortgage lender as to their requirements, dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales, as applicable.

Timescale

The average process takes between 4-8 weeks to reach completion. It can be quicker or slower, depending on the title itself and the responsiveness of all parties. For example, if the property you are transferring is Leasehold, the Landlords consent and transfer procedures, including their notice requirements, would need to be resolved. However, if you are due to place a mortgage on the property as well, a further report will need to be done to them about the pending transfer of title, be it adding a party on, or removing a party from the title.

How much does this service cost?

The price will depend upon the level of experience of the relevant fee earner, the value of the property, the capacity of the fee earner and the complexity of the transaction. Similarly, we would need to take into account whether parties are being added to the title, removed from the title, or a combination of the two circumstances, but our fees typically start from:
Legal fees £450.00* + VAT at 20% (£90.00)
Subtotal £540.00

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*Please note that there are variations to these matters. Further fees can be charged where you are instead transferring a Leasehold property, a Shared Ownership property, or we need to liaise on multiple Mortgages, for example where you have a Mortgage and also Help to Buy Mortgage on the property.

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. This normally is part of the monies we ask for on deposit so that we can progress the matter. On a residential freehold transfer of equity, the standard disbursements would be as indicated below. Please keep in mind that, as with the legal fees, the disbursements will vary depending on the type of matter.

Stamp duty depends on the value of the shares being transferred in the matter. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website. This will also vary depending on whether you are removing a party from the title on the basis of a Court Order, or this is your second property, in which case different fees will apply.

Disbursements

Office Copies £6.00 per copy
Land charges search £2.00 per person
Electronic ID check £15.00 + VAT at 20% per person (£3.00)
Bank transfer fee £35.00 + VAT at 20% per transfer (£7.00)
Land Tax - Charge is Based on property value
Stamp Duty - Charge is Based on property value

If you would like further information or to discuss your legal needs, please do not hesitate to get in touch. Our team is here to help; please select 'Meet the Team' for information on the team who will be carrying out the work.