To change the names on deeds to a property a Solicitor will firstly obtain the deeds or Official copies from the Land Registry and will then begin to prepare the Transfer Deed. They will notify any third parties and assess if stamp duty is payable (some Transfers of Equity are exempt from Stamp Duty, for example if the transfer is the result of a court order). A Stamp Duty Land Tax (SDLT) form will be completed and submitted to H M Revenue & Customs and identity checks undertaken. The Transfer Deed will be signed by all parties in front of witnesses.
If transferring at market value, the transfer deed will show the price paid for the share in the property. If your transfer is a 'transaction at an undervalue' (transferring for free or at a discount on market price), for example as a family gift, between companies or to avoid losing the property through debt or insolvency, you will also need to sign a Declaration of Solvency. If the person who transfers the property becomes bankrupt within a number of years of the transfer, the law can undo it in order to protect any creditors and the property can be sold off by the Official Receiver to cover debts. You may also need insolvency insurance to cover mortgage payments; your Solicitor can arrange this for you.
Head of Conveyancing : Nicola has 14 years' experience working in conveyancing here at Dale & Co.. She is highly efficient with a meticulous approach and a keen eye for detail. As head of the Conveyancing department, Nicola will ensure a smooth and speedy service whether you are buying, selling, leasing, transferring equity, re-mortgaging, or just looking for advice. Nicola has an honours degree in Law and Finance from the University of Lincoln and a postgraduate diploma in Legal Practice from Nottingham Trent University.
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11 Beaumont Fee Lincoln Lincolnshire LN1 1UH United Kingdom
01522 513 399
Fax 01522 53 05 89