Instruct a solicitor

If you are considering transfer of equity, for example, to add a partner to a property title, remove a co-owner following divorce or separation, gift a property or restructure your estate, you will need to instruct a solicitor. If there is an outstanding mortgage on the property, you will also need to inform your lender and request their consent first before doing anything else.

ID checks and documents

Your solicitor will need you to provide proof of ID to verify your name and address and link to the property before they can start drafting any documents for you. This is to adhere to regulatory and anti-money laundering regulations.

Title deeds

The key task that your solicitor will perform is to draft your transfer deed. This is known as a TR1 form, which officially records the change in ownership. All parties must sign this document, usually in the presence of a witness. Sometimes mortgage lenders want to be party to this deed if an outgoing party is being released from their obligations to the lender.

Valuing the property

A valuation is often required to determine the property’s current market value. This is an important step to calculate taxes if applicable and land registry fees, and can help with prior negotiations when reaching a settlement with an outgoing party.

Mortgage implications

If the property is mortgaged, the incoming owner may need to be added to the mortgage to replace the outgoing owners; or a new mortgage agreement may be required. You must always contact your lender for permission to add or remove someone from a legal title before contacting anyone else.

Registration with HM Land Registry

Once the transfer is complete, your solicitor will submit the TR1 form and any supporting documentation to HM Land Registry. A fee is payable for registration with the amount dependent on the value of the property.