A transfer of equity is the term used to describe the transfer of ownership of a house (or flat) where one or more of the owners remains an owner. For example:

Mr and Mrs A own the property, which is to be transferred into the name of one or other of them – either alone or jointly with a third person

Mr A owns the property, and wants to add Ms B to the title

There may or may not be a payment made for the transfer

Where there is an existing mortgage, either the lender’s agreement is needed, or the mortgage must be discharged, possibly by re-mortgaging the property

Even if there is no existing mortgage, a new one might be needed to raise funds to buy out the outgoing owner

Because of the different options, it is not easy to say how much a transfer of equity is likely to cost, but a guide to our charges and the likely disbursements is as follows:

• Basic fee, for transfer of un-mortgaged freehold property without payment to the departing owner, no new owner and with no new mortgage: £250 (+ VAT + disbursements)
• Add-ons, as applicable:
  (a) Existing mortgage to continue, with no new searches needed: + £200
  (b) Discharge of old mortgage: +£100
  (c) New mortgage (and therefore searches needed): +£350
  (d) New owner to be added: +£100 (£250 if trust declaration needed)
  (e) Leasehold property: +£250

Disbursements:

• LR copy charges: £18
• LR search fees: £4
• Bankruptcy searches: £2 per owner (outgoing, staying and incoming)
• LR registration fee: variable
• Search fees (if required):
  - local search: depends on council: £95 to £144)
  - other searches: depends on circumstances
  (assume about £250 in all)
• SDLT: probably nil
• Landlord’s and agents’ fees (if leasehold): budget for £250

We will be happy to provide a firm estimate if you complete this form for transfers of equity and submit it to us: