We provide independent legal advice where a current legal owner of a property is removing their name from the legal title for no consideration. The meetings take place using Skype or Zoom. Our fees are fixed and competitive, and the transfer of equity advice is provided by a solicitor.


Transfer of equity solicitors fees for Independent legal advice only

Our service, Independent Legal Advice: Transfer of Equity, costs a Fixed Fee of £300 INC VAT for the first legal owner and an additional £150 VAT inclusive for any additional legal owners. Terms apply. The transfer of equity timescales are faster than when the property was purchased.

We do not provide the conveyancing service for updating the legal title so the new owners of the property will need a solicitor to handle updating the Land Registry.

Complete your Transfer of Equity form below:

Transfer of Equity Independent Legal Advice Online Instruction
For transactions where a property is being transferred for no consideration. Each legal owner must fill in the form separately .
 
Transaction reference:
(If you are already a Parachute Law client you must use your quote reference to sync your details to your account)
Transaction Reference:
(If you are already a Parachute Law client you must use your client reference to sync your details to this form, it'll save you filling your details in again)
Text me my security code
Security Code
Details of current legal owner
Title
First name
Middle name/s
Last name
Mobile number
Home Postcode
Flat No:
First line
Second line
Town/City
County

What is your beneficial interest split? (%)
If you are the sole owner then your interest is most likely 100%, however if you share the property with anyone else then please state what your share is.
 

Full name/s of any other legal owner being removed
As per their passport, for example Mr John James Smith and Miss Jane Julie Doe. These are the names of the parties who will also be removed after the transfer is completed.

Details of the new owner
Full name/s of new/remaining owners
As per their passport, for example Mr John James Smith and Miss Jane Julie Doe. These are the names of the parties who will be registered as the legal owners after the transfer is completed.

What is the relationship between you and the other party?
Property details your deed relates to
Postcode of property
Flat No:
First line
Second line
Town
County

Is the property freehold or leasehold?

Is the property a residential or a buy to let?

How do you currently own the property?
If you are unsure we will check for you. Joint Tenants cannot hold separate beneficial shares in a property. If the property is currently held as Joint Tenants then we can help sever the joint tenancy so the property is held as Tenants in Common for an additional fee.

What is the property's current market price?
This is the estimated current market value as at today's date if you were selling it on the open market.

How much money are you being paid for your beneficial interest?
If this is for no money then type £0, or else please confirm the total amount you will receive now, or at any future date, for your share in this property.

Is there a mortgage registered over the property?

What is the mortgage value?
If you are buying then this is the total mortgage debt as at completion (this may include mortgage valuation and admin fees added onto the mortgage debt). If you already own the property this is the estimated current total mortgage debt as at today's date.

Why do you need independent legal advice?

Please make your declaration
I acknowledge that by stating the property is being transferred for no consideration that I am due no benefit from the property now or in the future, I am being paid no money for my beneficial interest, there is no mortgage registered over the property and I will have no legal right to enter the property after completion so must ensure all of my property is removed before completion.
Attach Documents
You can attach a scan .PDF or a .JPEG. There is a free to use App called TurboScan for Android or IOS phones which converts a photo to .PDF on your mobile.

    1
    Proof of Photo ID
Attach a copy of your current valid passport or driving licence for all parties.
    2
    Proof of Address
2 scan copies of your home address (you can't use the same company twice for different months. You can use a utility/mobile bill, formal notice like HMRC letter or council tax or bank statement no older than 3 months).
Pay to instruct
If you have already paid then key in your password sent to you via email in the below box and click Instruct Solicitor. If you haven't yet paid then you can do so using a debit or credit card using Paypal (you don't need a Paypal account) or call to pay by card over the phone and get your password call 0207 183 4547.
Type payment code here
Fixed Solicitor Fee
(for one person - see Terms for scope of work)

£0.00
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Your solicitor has been instructed

We will check your ID and be in contact as soon as we get the TR1 for the conveyancing solicitor acting for the new/remaining owners

What happens next?

    1
    New or remaining owner/s provides ID and signed documents to their solicitor.
    2
    Current owner gets independent legal advice from their separate solicitor - this can only take place once the current owners have instructed their solicitor, provided ID and the new owner's solicitor issues the TR1. This part can stake some time so make sure the current owners move quickly.
    3
    Current owner gets an ID1 (per legal owner)
    4
    Once New owner's solicitor has signed transfer, ID1 and confirmation of legal advice completion takes place
    5
    New owners are registered at the Land Registry


Frequently Asked Questions

Stamp duty land tax is payable when transferring equity. If the transaction provides an individual an interest in land, stamp duty land tax (SDLT) or land transaction tax (LTT) will be payable by reference to any chargeable consideration given for it.
Parachute Law currently only offer a transfer of full equity service. If you would like to transfer a share in your property to someone else, get in contact for our recommended law firms.
The purpose of independent legal advice is to make sure that you understand the risks and implications of the transfer of equity and that the decision to sign is yours and yours alone. The adviser must be able confidently to confirm that you are not being coerced into signing the documents.

If you are not on your own during the meeting then the transfer of equity solicitor will stop the meeting and you will need to rebook at a time where you are alone at a cost of £120 INC VAT. We will not refund any fee to you if you don't rebook.
We can verify the ID of the parties leaving the legal title using the ID1/ID5 online verification process. Click here to find out more.
The Transfer of Equity process doesn't require any face to face meetings. We have developed our services so that we can handle the whole of the process for you online using scanned ID and email/telephone.

You will still need to provide via post the original signed TR1 and ID1 (if required) as the Land Registry still need this in wet ink, however the rest of the process is online.

This means we can act for anyone in England & Wales.
The transfer of equity solicitor can provide the legal advice to more than one legal owner, such as a mum and dad, but the advice must be provided in a separate meeting for each party.
Your solicitor cannot witness your signature remotely, as remote witnessing leaves the transfer of the Property open to legal challenge and Parachute would then be liable to the value of the Property.

However, there is no requirement for equity solicitors to witness a signature upon the TR1. This can be signed in the presence of an independent third party (a person over the age of 18 years old who is not related to any person named in the transaction).
The Transfer of Equity Solicitor acting for the parties who are going to be the new/remaining legal owners will handle updating the Land Registry. Our equity solicitors provide independent transfer of equity advice to the party being removed to ensure they are fully aware of what they are agreeing to.
The transfer of equity timescales are quicker than when the parties originally purchased the property.

For a Gifted Transfer of Equity (no consideration and no mortgage), this is the process:

    1
    New or remaining owner/s provides ID and signed documents to their solicitor.
    2
    Current owner gets independent legal advice from their separate solicitor - this can only take place once the current owners have instructed their solicitor, provided ID and the new owner's solicitor issues the TR1. This part can stake some time so make sure the current owners move quickly.
    3
    Current owner gets an ID1 (per legal owner)
    4
    Once New owner's solicitor has signed transfer, ID1 and confirmation of legal advice completion takes place
    5
    New owners are registered at the Land Registry

The Transfer of Equity Timescales and Process can be delayed if there is:

  • consideration (money or debt changing hands)
  • a mortgage/loan to redeem
  • a leasehold/share of freehold
  • a restriction requiring addressing before the title can be changed


Transfer of Equity Solicitor

Get a Transfer of Equity Quote to handle the independent legal advice for the party being removed.

Meetings are booked within days of the TR1 being received from the new owner's solicitor