How do you transfer property ownership?

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The cost for transferring a house into someone else’s name can vary depending on a number of circumstances.

For example, if a property is leasehold then most solicitors/conveyancers will charge additionally to deal with the extra work involved with the transaction. You may also find that there are additional third party costs involved with acquiring the Leasehold Enquiries form from the managing agents/freeholders. There can also be additional costs involved if a property is shared ownership or if it was purchased under a shared ownership scheme.
 
If all of the names currently on the title for the property are being removed and all new people going on, then the process would be as follows:

• You and your buyer would both instruct solicitors/conveyancers to carry out the legal work for you.

• The seller’s solicitor will then send out documents to be filled out by the seller which will then go on to form a part of the draft contacts to the buyer’s solicitor.

• Once the draft contacts are received by the buyer’s solicitors, enquiries are then raised and once these are satisfied, dates for exchange and then completion can be set.

• The buyer’s solicitor will then update the records with the land registry so that the Office Copy Entries/Deeds show in the buyer’s name.

The industry average for the whole process is around 8-10 weeks however this can vary depending on the complexity of the file. If a buyer is purchasing with cash rather than using a mortgage, it’s a freehold property and there is no chain, then the process could be as quick as 4 weeks.

Tim Waller, Conveyancing Direct Ltd

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Tim Waller

Conveyancing Direct Ltd

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