When you SELL your property we will:

• Ensure that you have received all necessary forms to be completed immediately a sale is agreed, if not before.
• Send a purchase contract to your buyer’s property lawyer, with details of the property and its ownership.
• Answer any pre-contract enquires that the buyer may ask and provide copies of any existing guarantees, planning consents, etc. for their information.
• Request from you a fixtures and fittings list detailing what you will be leaving in the property and forward this to the buyers’ property lawyer.
• Arrange for you to sign the contract in readiness for an exchange.
• Agree a completion date that suits everyone in the chain, exchange contracts and effect a transfer deed.
• Send you a financial statement.
• On the day of completion, receive the required amount from your buyer in exchange for the title deeds and electronically transfer to your bank the equity of the property.

When you’re BUYING a property we will:

• Obtain the draft contract from the sellers' property lawyer, with details of the property and its ownership.
• Raise any pre-contract enquires and obtain copies of any existing guarantees, planning consents, etc.
• Receive the sellers’ fixtures and fittings list to see what they will be leaving in the property, and provide you with a copy to check.
• When your mortgage offer has arrived - we will arrange for you to sign the contract and hand over your deposit to hold in readiness for exchange.
• Exchange contracts once the sellers’ are ready to proceed and a completion date has been agreed that suits everyone in the chain.
• Draw down the mortgage advance from your lender and send you a financial statement.
• On completion day - your property lawyer pays the completion funds to the sellers’ lawyer in exchange for the title deeds and you can now move into your new home.
• Register your name and mortgage at Land Registry.

A remortgage is the transaction or process of transferring your loan (mortgage) from one product to another. A remortgage can take place with your existing lender, where you are moving to a different rate or deal, or perhaps borrowing a different amount. Alternatively, you may be moving to a new lender entirely, and that is where our services come in.

The following is a step by step guide as to what will happen to complete the remortgage process. Don't worry - we will be doing most of the steps for you.

So, where do you start?

• First of all, instruct a property lawyer like us!
• We will request your property title deeds from your existing lender, and also establish exactly how much is left outstanding on your mortgage. This is known as a redemption statement.
• Once the valuation has been completed, and your new lender has agreed your mortgage, they will post to you (and a copy to us) a formal mortgage offer letter. This will include any special instructions which must be carried out in order for the transaction to be completed.
• We will undertake all appropriate searches on your behalf.
• Once the mortgage deed has been drawn up we will send it to you for your signature and return. If, as part of any deal you have agreed with your new lender you are utilising some of your own money, we will require these from you.
• A completion date will be agreed with you. Completion is the day when your new mortgage monies (which will have been sent to us a couple of days beforehand) are used (along with any additional funds you are providing yourself) to pay off your old mortgage (and any other debts which are being reduced/settled as part of the transaction). All of our fees will have to be settled by this point, and if there is any money due to you i.e. additional funds raised from the remortgage, they will be paid into an account of your choice.
• The final part of the process is for the land registry to note the new lender. This will show that the new lender has a First Legal Charge over your property, and also confirm that the previous lenders details have been removed. The original of this document will be sent to your new lender, with a copy going to you.

A Transfer of Equity is when the ownership of equity is changed.

In order to work out the amount of equity your property has, all you have to do is deduct what you owe on your mortgage from the actual value of your property. For example, if your house is worth £250,000 and you have £100,000 left on your mortgage, then your equity would be £150,000.

Transfer of Equity is most common when a property is jointly owned and there has been a relationship breakdown. The person who is leaving the property transfers any interest they have in the property to the person who is staying in the property.

If there are any financial disputes relating to the property when a couple separate, then a court order may be necessary to provide a fair outcome to both parties involved.

If there is a mortgage on a property and no subsequent equity, then the mortgage lender will advise the party who is staying in the property whether or not they can manage the repayments on their own.

Transfer of Equity Process
The process of transferring the ownership of a property is fairly straightforward. A Transfer Deed is signed by both parties and is witnessed by a property lawyer. Your conveyancing property lawyer will also have to re-register the property with Land Registry.

Thinking About Transfer of Equity?
If you have any questions about equity transfer or property law, our specialist property lawyers are always on hand to help and provide support. Why not give us a call for a free quote?