How do I transfer equity in a second home?

A transfer of equity occurs when an existing owner of a property either adds or removes one or more people to the title (ownership) of the property. This can occur for a number of reasons, for example when a couple gets married or separates.

The process of transferring equity on a second home is essentially the same as the process for a primary residence - with a few key differences:

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Second home transfer equity

What is the process for transferring equity in a second home?

Transferring equity in a second property follows a similar process to transferring equity in a primary residence.

A conveyancing solicitor will draw up a 'Deed of Transfer’ for all parties to sign.

If there is a mortgage, the solicitor will represent the lender’s interests and ensure that the new owner meets the lender's lending criteria.

If a new mortgage is being taken out at the same time, the solicitor will usually complete the remortgage legal formalities in parallel.

Once all of the legal documents are completed and signed, the solicitor will register the new interest at HM Land Registry.

Read more:

The Transfer of Equity Process Explained

Do I pay Stamp Duty Land Tax (SDLT) when transferring equity in a second home?

HMRC Stamp Duty Land Tax rules are complex. If any SDLT is due on the second home equity transfer, it will be charged at the increased second home rate.

Find out if you will need to pay any Stamp Duty and if so, how much. See our easy to follow the guide:

Do I pay Stamp Duty Land Tax (SDLT) on a transfer of equity?

Your next step

Whether you are gifting a property to a child, getting married or separating, or transferring equity for any other reason, we can help you find an expert conveyancing solicitor. Even if you are just looking for advice, we can help.

If you are also planning to remortgage as part of the transfer process, the remortgage legal work can be completed at the same time as your transfer of equity.

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Helen Goddard, Legal researcher

Author:
Helen Goddard, Legal researcher