Our solicitors provide independent legal advice for transfer of equity transactions where lenders or conveyancing solicitors require confirmation that the person transferring their share of a property fully understands the legal implications of the transfer.
A transfer of equity occurs when the ownership of a property changes by adding or removing someone from the title deeds. This may involve transferring a share of the property from one person to another, or changing ownership from joint names to sole ownership (or vice versa). The transfer may be made for financial consideration or as a gift between family members.
Because transferring ownership of property can have significant legal consequences, lenders or conveyancing solicitors may require the person transferring their interest in the property to obtain Independent Legal Advice before the transaction is completed.
Our solicitors provide clear advice to ensure that the transferring party fully understands the implications of the transfer before signing the relevant legal documents.
Why Independent Legal Advice Is Required for a Transfer of Equity
Where one party is transferring their share of a property, lenders and conveyancing solicitors often require confirmation that the transferor understands the legal and financial consequences of the transaction.
Independent Legal Advice helps ensure that the person transferring the property:
- Understands they may be giving up their ownership rights in the property
- Is aware of any ongoing mortgage responsibilities
- Is entering into the transaction freely and without pressure
- Fully understands the implications of the transfer before signing
Once advice has been provided, the solicitor can confirm that Independent Legal Advice has been given so that the conveyancing process can proceed.
Our Transfer of Equity Independent Legal Advice Service
Our solicitors regularly advise individuals who are transferring their interest in a property as part of a transfer of equity transaction.
During your appointment, we will:
- Review the transfer documentation, including the TR1 form
- Explain the legal implications of transferring your share of the property
- Confirm your understanding of the transaction
- Answer any questions you may have before signing
Appointments are available in person at our office or remotely via secure video call (Zoom). Where transactions are urgent, we may also be able to offer same-day appointments to help avoid delays to the conveyancing process. Once the advice has been completed, we will issue the solicitor’s confirmation required by the lender or conveyancing solicitor.