Transfer of Equity Nottingham, Derby and Nationwide Solicitors
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Transfer of Equity is where a co-owner transfers their share in a property to another co-owner. The interest can be transferred for a sum of money or it may be as part of an agreement, for instance on divorce.
Our fees for acting as conveyancing solicitors in a Transfer of Equity are set out below. If you are remortgaging at the same time to obtain the funds to buy the other owner out we offer a discount and these fees are also shown below.
Should you wish to discuss these further please do not hesitate to contact us on 0115 9247028 or at enquiries@campions.co.uk
The below tables are for use only for properties with a Total Value of up to £300,000. Please add £96 Inc VAT in the case of Leasehold/Shared Ownership. In the case of the latter you may have to pay additional fees to the Managing Agents. In addition, there will be small additional amounts to pay to the land registry for additional documentation.
Transfer of Equity Acting for Persons Coming off the Title. Solicitors Fees and Disbursements
Our fees on all properties valued at below £300,000
Our Fee – £300 Inc VAT
ID Search – £10.50 Inc VAT per person for all persons coming off the title.
Money Transfer to client (but only if same day transfer required) – £40 Inc VAT
Sometimes but only occasionally we are required to obtain title, but the fees for title are very limited.
For any enquiries relating to the transfers please email: enquiries@campions.co.uk
Transfer of Equity Only Acting for Persons Acquiring the Property
| Solicitors Fees: | £360 (inc VAT) |
|---|---|
| Disbursements Including VAT where payable | |
| Land Registry Fee See Scale 1 table below if payment is being made to the other party. See Scale 2 below if no payment is being made to the other party. | |
| Official Copies: | If Freehold £7.20 If Leasehold £18.00 |
| Bankruptcy Search per person buying the property | £2.40 |
| Land Registry Search | £3.60 |
| Identification Search Fee (Per person) | £10.50 |
| If an interbank transfer is required to transfer any monies between the parties then a charge of £37.00 will apply. |
Transfer of Equity and Remortgage Acting for Persons Acquiring the Property
| Solicitors Fees: | £480 (inc VAT) |
|---|---|
| Disbursements Including VAT where payable | |
| Land Registry Fee See Scale 1 table below if payment is being made to the other party. See Scale 2 below if no payment is being made to the other party. | |
| Official Copies: | If Freehold £7.20 If Leasehold £18.00 |
| Bankruptcy Search per person buying the property | £2.40 |
| Land Registry Search | £3.60 |
| Bank Transfer Fee (one to be sent on the remortgage and one to be sent to the other party if money is being paid for the transfer) | £37.00 (possibly 2 payments) |
| Search Indemnity (if acceptable to your lender) | Please see table below |
| Identification Search Fee (per person) | £10.50 |
Search Indemnity Premium Table
This is assessed on the total value of the property being transferred.
| Value up to and including | Premium (Including IPT) |
|---|---|
| £75,000 £100,000 £125,000 £150,000 £175,000 £200,000 £250,000 £300,000 £350,000 £400,000 £450,000 £500,000 | £10.00 £12.00 £14.00 £16.00 £17.00 £18.00 £19.00 £20.00 £21.00 £22.00 £24.00 £25.00 |
Land Registration Fees Scale 1 (where you are paying the other party)
If you are paying the other party for the transfer then the fees will be the following
This is under scale 1 under of the land registry fees.
| Value | Registration Fee |
|---|---|
| £0.00 – £80,000 £80,001 – £100,000 £100,001 – £200,000 £200,001 – £500,000 | £20.00 £40.00 £95.00 £135.00 |
If in very rare cases we cannot do an electronic application (generally because the title is unregistered) the above fees will be doubled.
Land Registration Fees Scale 2 (where you are not paying the other party)
The fee is based upon value. If the entire property is being transferred then the value is what the property is worth less any mortgages outstanding. If half the property is being transferred then the value is half of that figure. If a third transferred or a quarter transferred then a third or a quarter of that figure.
In the alternative, it may be based upon the value of the Remortgage if higher. To take an example if the ReMortgage was £150,000 and the entire value of the property was £50,000 as defined in this section then Scale 2 fees will be charged on £150,000
| Value | Registration Fee |
|---|---|
| £0.00 – £100,000 £100,001 – £200,000 £200,001 – £500,000 | £20.00 £30.00 £40.00 |
Help to Buy Mortgages
If the person acquiring the property is obtaining a Help to Buy Mortgage then our fees will be £180.00 Inc VAT
SDLT if a first home
Check out SDLT page here: https://www.campionssolicitors.co.uk/conveyancing/sdlt
This will be payable at normal rates e.g 2% between £125,000 and £250,000 and 5% over if the amount paid for the transfer if over £125,000. The price paid is a combination of the price actually paid and half the mortgage owed if it is being released. This is in the case of properties where prior to the transfer each owner owns one half. Please contact enquiries@campions.co.uk if you have any enquires.
SDLT second home charge
This applies where a buyer (or their spouse or civil partner) owns another property anywhere in the world. (subject to the interest in the property being worth over £40,000)
In that case, if the price paid as defined in the above paragraph is in excess of £40,000 the second home charge will normally apply. It is payable at 3% on the total purchase price.
There is a further complication which arises if a partner acquires from the other partner all or part of the property where there is no separation and they are married or in a Civil Partnership. This can be done for tax reasons. Then the person acquiring may be subject to the second home charge if the other party has a second home.
If the transaction does not proceed to completion then we will charge a proportion of the costs that would have been payable if the matter had completed.
To avoid such fees you can at the outset make an initial payment of £48 inc VAT. That must be paid within 7 days of instruction. This does not cover any disbursements we have to make.
- First Time Buyer
- Cash Buyer
- Buy to let Landlord
- Previous client (where we acted for over the last 3 years)
If you qualify for this discount, simply deduct this amount from your total online quote and advise us of your circumstances on instruction.
Terms and Conditions
Only one deduction per transaction (e.g if both cash buyer and buy to let landlord we deduct £24.00).
