Remortgage and transfer of equity solicitors in Leicester

Remortgaging

A remortgage moves your mortgage to a new lender or product without moving house. The conveyancer checks the title, deals with the new lender’s requirements, pays off the old mortgage with the new loan, and registers the new charge at HM Land Registry. It usually takes a few weeks once the mortgage offer is issued.

Transfer of equity

A transfer of equity changes who owns a property. Common reasons are adding a new partner, removing someone after separation, or transferring to a family member.

What’s involved: a transfer deed, the consent of any mortgage lender (and often a new mortgage), ID checks on everyone involved, and registration at HM Land Registry.

Watch for:

• Stamp Duty Land Tax where money changes hands or someone takes on part of the mortgage.
• Capital gains tax on transfers of property that isn’t your main home.
• How you’ll own it: as joint tenants (the survivor takes all) or tenants in common (defined shares that pass under your wills). A declaration of trust can record unequal shares.
• Separation: if a transfer is part of a divorce or separation, it should match the financial agreement or court order.

Separate advice

Where one person is giving up their interest, or a family member is being added, lenders and solicitors often require the person giving something up to have independent advice. It protects them and the transaction.

Common questions