at ONP Solicitors we can help you to navigate the legal process for a simple, smooth and hassle-free conclusion.

What is a transfer of equity?

Transfer of equity occurs when property ownership changes hands, with at least one original owner staying involved, often due to marriage, divorce, or personal changes. We know transferring property ownership can feel overwhelming, so we’re here to make it simple and stress-free.

What’s the process of a transfer or equity?

Once you’ve spoken to your lender and they’ve agreed to the ‘consent to transfer offer’ they’ll ask you for our details. Your mortgage lender will then produce the offer and copies of this will be posted to yourself and to us.

If removing someone from the title and mortgage, we’ll need their address, email, purchase amount, and solicitor details.

If you’re adding someone to the title and mortgage, we’ll ask for your instructions on how you’d like to hold the property together.

We’ll then prepare the TR1 – the legal transfer document and send copies to the relevant parties by email or post for signing. The TR1 is a legal document and needs to be signed by you and a witness. The signatures must be in wet ink, and you’ll need to post the signed document back to us. We are required to keep the original TR1 on file.

Some mortgage lenders may want to sign the TR1 form too. If they do, we’ll send the signed TR1 to them for approval. Once they send it back to us, we can arrange a completion date for the transfer.

On the day of completion, we’ll send any payment due to the additional owner for their share of the property. In both types of transfers, we’ll also notify your lender that the transfer has been completed.

Finally, we’ll take care of updating the Land Registry to reflect the new owners of the property. Like a purchase, Land Registry registration can take time, but we’ll handle everything until it’s fully complete.

Why choose ONP Solicitors?

We are digital where we can be, and personal when we need to be, enhancing your experience. Every client has access to our secure mobile app so you can see where your transaction is 24/7. Equally, you can contact us by email or by phone during office hours.

Your dedicated property lawyer will reach out within 24 hours of your instruction. You can contact them directly via the app, email, or their direct phone line.

Our secure app allows you to complete forms, upload documents, conduct ID checks, verify funds, and view important files. It also includes a messaging system and lets you track your case anytime. Using our app can reduce the transaction time by up to 30 days.

We’re proud to be entrusted with thousands of property transactions each year, ensuring efficiency and reliability in every case. Our proactive team keeps you updated at every stage of the process, providing the confidence and reassurance you need for a smooth transaction.

As our department continues to grow, we are committed to hiring the best talent in the industry, which is reflected in our impressive 4.7 Trustpilot score.

We are accredited by the Law Society’s Conveyancing Quality Scheme (CQS), reflecting the high quality of our residential property expertise, and as part of our commitment to offering exceptional service to our clients, we have also signed up to the Conveyancing Association Pledges.

How do I get started with my transfer of equity?

We’ll handle the legal details, but you’ll need to contact your current lender to get started. Let them know you’re looking to update the mortgage by adding or removing someone’s name.

Once you’ve spoken to them and you’re ready to instruct, then please get in touch with us.