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Residential Conveyancing - Matrimonial & Civil Partnership Transfers 

What are Matrimonial and Civil Partnership Transfers? 

When it comes to changes in the ownership of a property, Matrimonial transfers and civil partnership transfers and very similar. 
 
A matrimonial transfer, simply put is when you add or remove someone from the title deeds due to a new marriage or the finalisation of a divorce of another one. 
 
A civil partnership transfer is very similar to a matrimonial transfer in that you can add people to your title deeds once a civil partnership is legally registered. 
 
Before any transfer is begun, it is strongly recommended you get a solicitor in place to help you with the process. 
 
Contact our licensed transfer of equity solicitors by calling our Leeds law firm on 0113 200 7480 or Harrogate law firm on 01423 564551. Our team of transfer of equity solicitors is ready to help you. 

What is a transfer of equity? 

The transfer of equity is the legal process that is used to add or remove a person from the title deeds (ownership) of a property. There is no sale involving the property and, at minimum, one of the original property owners remains on the title deed. 
 
There are many reason why you might want or need to complete the transfer of ownership of a property, including: 
 
A relationship breakdown. If a couple separates, assets will need to be divided up – a home is normally the most significant one. 
A new relationship. You might have bought the house on your own and then later entered a relationship. A transfer of equity agreement could add your new partner to the title deeds. 
Buying out a co-owner. More people are buying properties with friends or family to get on the property ladder. There may be a time later on to buy them out. 
For tax purposes. Home owners sometimes transfer equity to their children or other family members to be more tax efficient. It can be seen as a gift, but always seek advice about your tax liabilities. 
 
In instances when all parties involved are agreed on the outcome, equity transfers are straightforward. However, it is important to look at every transfer individually, as it can become more complicated when there are mortgages or disagreements involved. This is something our residential property solicitors can help you with. 

What is the transfer of equity process? 

There are 5 main stages in the transfer of equity process. 
 
Stage 1 - Review of the title deal. This is a check of the title deeds from the Land Registry. 
 
Stage 2 - Preparation of the deed documents. 
 
Stage 3 - Meeting involving all parties. When the documents are ready, they will need to be signed in front of an independent witness. 
 
Stage 4 - Notification to any mortgage lenders, banks or building societies. Written consent from the lender must be secured. 
 
Stage 5 - Register the transfer with the Land Registry. There is usually a fee (£90-£920 depending on the property value) to complete the registration. 

What are the reasons for transferring property equity? 

There are a number of reasons why you may need or want to transfer property equity. These reasons include: 
Marriage, cohabitation or civil-partnership - when two people get married, form a civil partnership or live together and a property occupied is currently owned by one party, they may want to have the ownership of the property transferred into joint names. 
Divorce or Relationship Breakdown - the breakdown of a relationship or marriage may require the transfer of equity from a property currently in 2 people’s names to be moved to one party only. It is advised that an independent valuation is carried out to work out the monetary value that should be transferred. 
Tax reasons - a financial professional may advise a property owner to make a transfer of equity to make the individual’s estate or general position more tax efficient. 

What is the process of Matrimonial and Civil Partnership Transfers? 

The process for transferring equity is generally the same for most situations. It is generally much more straightforward than a sale or purchase as usually there will be no searches or enquiries required - since the parties involved will have prior knowledge of the property. 
 
Ahead of mortgage or civil partnership transfers, if a property is mortgaged, the consent of the mortgage lender must be obtained before any transfer of equity can take place. Depending on who the lender is, you may have specific requirements depending on the circumstances, including requiring the new owner to become jointly liable on the existing mortgage. 
 
If the Transfer of property equity is classed as a matrimonial transfer or civil partnership transfer, it is preferable for a sealed Court Order to be granted prior to any transfer taking place. If not there is a risk that Stamp Duty Land Tax may apply to the transfer. 
 
If the property is leasehold or subject to a restriction on the title, additional consents may be required prior to the transfer proceeding. These will depend on your individual circumstances and we can discuss this with you early in your civil partnership or matrimonial transfer. 
 
Depending on your situation, it may be possible for both parties in the matrimonial or civil partnership transfer to be represented by the same conveyancer, however, this is not always the case. Again, Avery Walters will advise you on the most suitable course of action depending on the circumstances. 

Avery Walters’ transfer of equity solicitors 

If you are looking at moving equity on your property, through a matrimonial transfer, Avery Walters transfer of equity solicitors offers conveyancing services to help you when making changes to your property’s equity split. Call us today for a free initial consultation with our experienced team of residential conveyancing solicitors. 
 
Our team of remortgage conveyancing solicitors can be contacted by calling our Leeds residential property solicitors team on 0113 200 7480 or Harrogate team on 01423 564551. We are ready to help you when making amends to the ownership of your property. 
Jackie Smyth 
Head of Residential Conveyancing 
 
Phone: 0113 200 7480 
 
Email: js@averywalters.com 
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