The exact process required for a transfer of equity will depend on the circumstances, but the basic procedure involves several key steps: • Agreeing exactly what transfer will be taking place. • Having the property valued, so you know how much the equity being transferred is worth. • Hiring a solicitor to handle the legal aspects of the transfer for you. • Your solicitor will review the property’s title deeds to confirm the current ownership, the details of any mortgage or other loans taken out against the property and any other issues that could impact the transaction. • Your solicitor will then prepare a legal document called a ‘transfer deed’ or ‘deed of transfer’ setting out important details such as: The current ownership of the property • What the ownership will be after the transfer has taken place • Any money that is changing hands with respect to the transfer • Any additional relevant information, such as rights of way or restrictive covenants on the property • Your solicitor will notify your mortgage provider (if you have one) of the change in ownership of the property – typically, the mortgage provider’s consent will be required for the transfer. • Your solicitor will work out if any Stamp Duty Land Tax (SDLT) needs to be paid as part of the transaction. • If Stamp Duty must be paid, then your solicitor will handle payment of this to HMRC • If any money is changing hands for the transfer, then your solicitor will handle the payment. • In some circumstances, it is possible that Capital Gains Tax (CGT) could apply to a transfer e.g. if a parent had an investment property that they were transferring to their children. If this is the case, your solicitor will inform you and handle payment of CGT for you. • Your solicitor will submit the transfer deed to HM Land Registry to confirm the transfer of equity has taken place.