A transfer of equity can be incredibly simple, as long as all of the terms and conditions are clear between the parties. Once all parties are in agreement, an official document called a Deed of Transfer is drafted for all parties to sign. Any existing mortgage formalities are also completed. If the new owner or part-owner is taking out a new mortgage, then your transfer of equity solicitor would also represent the lender's interests in completing this.
Transfer of equity can have an impact on stamp duty, capital gains tax and land tax, and matters are often accompanied by a remortgage too. If you have a mortgage, you are obligated to inform the lender if the names on the deeds are changing. You cannot change a name on the mortgage without changing the deeds, and vice versa. In these cases, Homeward Legal will treat the equity transfer and remortgage as one piece of work, aiming to complete this as soon as possible.