If you are a cash buyer this is your choice, but HSR Law would always advise that you do obtain searches . If you are purchasing with the aid of a mortgage, this is mandatory. The main searches are as follows: Local Authority A local authority search will provide you with detailed information about your property and the surrounding areas including planning entries and road adoptions. This will give you peace of mind before going ahead with the purchase of your new home and ensure you avoid any surprises in the future Water and Drainage A water and drainage search will confirm the proximity of the property to public sewers, whether the property has a sewer running within the boundaries of the property and if the property is connected to mains services. Environmental search An environmental search would confirm whether the previous land use of the property creates a potential environmental risk. This search will highlight issues which would include: Landslides Subsidence Contaminated land such as historic landfills and waste sites The risk of flooding from nearby rivers or seas Mining search A mining search is required if the property is situated in an area of previous or current mining history and is at risk of being built on unstable ground.

Transfer of Equity - HSR Law Solicitors Conveyancing Solicitors in Doncaster

What is a Transfer of Equity?

A Transfer of Equity is a change in the ownership of a property. You might need to do a transfer of equity if the following circumstances:

Add your partner/spouse to your property’s title if you currently own the property in your sole name.
Remove your ex-partner from the property title if you have divorced/separated
Change the percentage shares owned by the co-owners of a jointly owned property or buy out a co-owner’s share in the property

What is Equity?

Equity is how much of your home that you own. You can work out your home equity by taking away your remaining mortgage payments from the value of your property. The amount that’s left is your equity in the property. For example, if you own a home costing £100,000 and you have a remaining mortgage of £80,000, you have £20,000 equity.

The Transfer of Equity Conveyancing Process

HSR Law will:

Review the title deeds or property deeds to check for mortgages/charges and covenants
Check the identity of the clients and satisfy AML procedures
Prepare the Transfer Deed (TR1)
The next step of the transaction depends on whether or not there are any mortgages on the property. If there are no mortgages on the property, the existing and new owners of the property sign the transfer deed in the presence of a witness and the conveyancer submits and application with the transfer deed at the Land Registry to put the property in joint names.
If there is a mortgage on the property, you will also need the consent of the mortgage lender to go ahead with the transfer. If you are adding someone to the title you both would be equally liable for the mortgage. If you are removing someone from the title, they are removing any liability they have to the remaining owners of the property. The mortgage lender will want to check that new owner has the financial means to continue to make mortgage payments before agreeing to the transfer.

We are CQS Accredited

The Conveyancing Quality Scheme (CQS) accreditation demonstrates that HSR Law Solicitors can provide residential conveyancing advice of the level expected by clients, lenders and the wider residential conveyancing community.

Being CQS accredited means we have the expertise to deliver quality residential conveyancing advice and use standardised processes to manage and reduce risks.

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