A transfer of equity is a change in the ownership title, where at least one of the original owners remains on the legal title. The transfer of equity is different from conveyancing by maintaining at least on of the initial owners, rather than transferring the entire ownership to a new owner.

There are different types of transfer of equity, depending on the situations.

• For example, if a couple is getting a divorce and both of them are on the legal title, but just one gets to keep the house, it is a 2-1 transfer of equity.
• When an owner decides to transfer the ownership to two names, it is a 1-2 transfer of equity. It can include as many people as the situation requires, with a limit of 4.
• A 2-2 transfer of equity means a joint ownership of 2, where one original owner remains, a second one separates, but then a new owner is added to the title.
• A transfer of equity that does not include any purchase/money is a gift. The ownership is transferred to a new person, where the original owner does not receive any payments.

You can request online quotes for a transfer of equity, hire a solicitor or do your own transfer of equity.

If no mortgage or secured loan is required for the transfer of equity or removed from the process, it is easy to do your own transfer of equity. You must tell Land Registry when you make any modifications to the title of property, such as transferring the ownership or adding a new owner. Considering the circumstances, you have to fill either a “transfer of the whole of registered title” form (when you transfer the entire ownership) or a “transfer of part of registered title” form, when you transfer just a part of the property ( e.g. a joint ownership). The Government requires a certificate of identity for a private individual. Then you can send the documents, the forms and the fee to Land Registry.

A solicitor can only take action for one party if the transfer of equity removes an owner from the title. The cost can be anywhere between approx £100 – £200, plus VAT. A transfer of equity also includes disbursements (a copy of the register of the title and the Land Registry’s fee), but these costs are necessary even if you do your own transfer of equity.