Changing title deeds in the UK is a necessary step when transferring a property into someone else's name. But just how much does it cost to change title deeds in the UK?
Any time someone wants to transfer part or all of their property to someone else, a Transfer of Ownership is required. With this comes certain costs, which need to be understood before taking the next steps. Several factors can affect the cost of a change to title deeds.
In this article, we'll look at the potential costs of changing title deeds and typical reasons for changing deeds. By the end, you should have a good understanding of what's involved and how much it could cost you.
How Much Does It Cost to Change Title Deeds in the UK?
According to Compare My Move, the cost of a Transfer of Equity could cost up to £5,298, plus 1-5% of the property value. Included in this figure are solicitor fees, anti-money laundering checks, a bank transfer fee, Land Registry fees, freeholder consent, Stamp Duty, and remortgaging. This is their calculation for the average house price of £277,000.
However, it should be noted that a Transfer of Equity could potentially cost a lot less than this.
Costs Associated with Changing Title Deeds
There's no set figure for the cost of changing title deeds. It changes depending on several factors, with multiple potential costs involved.
The main costs involved in changing title deeds are:
- Solicitor fees - between £250 and £750 +VAT
- Land Registry fee - £330 based on a property value of £277,000
- Stamp Duty - 0% on the first £125,000, 2% on the next £250,000, and between 5% and 12% for the next three bands
- Remortgaging costs - deeds release fee between £50 and £300, early repayment fee as a percentage of the outstanding debt, arrangement fee, valuation fee