Transferring a Property into Joint Names
9th January 2023 by John Munro
Due to the blended society we live in, there could be a million and one reasons why the property we live in may only be in one person’s name. However, when the time comes to add another person onto the mortgage or title deed, what exactly needs to be done? When the legal title of a property is transferred from one name, into joint names, the process is known as a Transfer of Equity.
There are a number of factors that you need to consider when you look at placing a property into joint names. We’ll look at these points in more detail below:
Types of Joint Property Ownership
The two ways a property can be jointly owned (by two or more people) in England and Wales are:
- Joint tenants
- Tenants in common
Which type of ownership is right for me?
Joint tenants
This means the whole of property is owned in an equal share by those on the title. Neither person owns more than the other. However, when one owner dies, the property passes into the sole name of the surviving owner under the legal process of Right of Survivorship.
Tenants in common
This differs slightly from the above, as the amount of property owned by each owner can differ. Usually it’s a 50/50 share, but can be altered to reflect the financial contribution or ‘beneficial interest’ each person has made to the property. So for example, if one person has provided the deposit for the property, you may see a 60/40 split.
When one owner dies, their share in the property will be passed on either in line with their wishes in their Will or using inheritance laws if they don’t have a Will.
You need to think carefully about which type of ownership suits your personal circumstances.
Updating the Title
Your Title will also need updating from sole to joint names. Your conveyancing solicitor will either check the HM Land Registry, if your property is registered for the deeds, or ask you directly for them.
They will then prepare a Transfer Deed which will need to be signed by all of the joint owners, as proof of the transfer of the title. It’s on this document, that the type of ownership you’ll set out.
It is here you may be advised to create a Declaration of Trust – if you’ve decided to own the deeds as tenant in common, which you and the joint owner can both sign to record the specific intentions around the split.
Other things to consider
If your mortgage is in a single name, this will need to be altered to add the joint owner onto the mortgage
If your property is leasehold you may need to require consent from the freeholder or managing agent regarding the joint ownership. Your conveyancing solicitor will be able to advise you on this if necessary.
Contact us
If you would like to speak to our property team about transferring a property into joint names or any other queries relating to buying or selling a property, please contact Kelly Howe on k.howe@laceyssolicitors.co.uk or 01202 377800.
John Munro
Partner — Commercial and Residential Property
Direct dial: 01202 377839
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“John Munro was friendly and very approachable, advising me with a clear depth of knowledge and experience. I have since recommended him and will do so if asked in the future.”
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“Having dealt with Laceys on many a sale and purchase I’ve always found them to be efficient, knowledgeable and attentive. I wouldn’t hesitate in recommending them to family, friends and clients.”
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“We have always been very happy with the service provided by Laceys Solicitors, in both our business legal requirements and domestic property conveyancing.”
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“You are our solicitor Superhero! Very grateful. ”
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“Changing solicitors is not to be undertaken lightly. However really impressed with the way that John Munro and his associates have dealt with us over the last couple of years in a variety of complex property related transactions and on the commercial and personal front as well. We look forward to working with them going forward.”
John joined Laceys in 2001 on a training contract, having completed a Post Graduate Diploma in Law in 2000, and qualified as a solicitor in 2003. He is now the Head of the Commercial and Residential Property Departments.
He is also the firm’s Senior Responsible Officer under the Law Society Conveyancing Quality Scheme (CQS) with overall responsibility for the management of the property team and their delivery of the excellent service that our clients have come to expect.
John acts in his own capacity for a number of commercial property owners, developers and investors, but also allocates time to ensure his team are up to speed with changing law and professional regulations and clients are provided with members of the team who possess the right skills to deal with their individual requirements, delivering projects in the most time and cost-efficient manner.
Outside of work John seems to spend a great deal of time ferrying his children around but occasionally gets to put his feet up and listen to his eclectic collection of vinyl. He is also not averse to a good cheeseboard and a glass of IPA.
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