A house sale cannot be finalised until the house deeds have been transferred over to the buyer, so you’ll need to know exactly what to expect before you reach this pinnacle point in your sale.
Let’s take a look at what house deeds are, what needs to be done to transfer them over to your buyer, and how long this process can take.
What are house deeds?
Sometimes known as ‘title deeds’, house deeds are a series of documents which prove the ownership of a property and the history of its ownership. They usually include:
- Contracts for sale
- Wills
- Conveyances
- Mortgages
- Leases
Related: House-selling checklist: Is your home ready to be sold?
What is a transfer deed?
The transfer deed (also known as the deed of transfer) is a legal document that is used to record a change of ownership in the property. In addition to the transfer deed, your house sale may also require a contract which sets out the terms of the transfer and a local search to investigate the surrounding area.
Related: Can you do your own conveyancing?
How are house deeds transferred to your buyer?
When transferring ownership to your buyer, the following steps are mandatory:
- Obtain a copy of the title deeds
- Check through the document, find out who has legal title, and whether there are any restrictions on the property such as planning permission or outstanding charges such as a mortgage
- Find and organise all the necessary documents to prove your identity and submit to the Land Registry for registration
- Pay any applicable fees and taxes, such as Stamp Duty
- Wait for the Land Registry to process and validate the transfer of ownership
Related: What does SSTC mean?
How is the money exchanged between conveyancers?
Once your buyer’s conveyancer has transferred the funds to pay for your property, your conveyancer will send over the transfer deeds (TR1 or TP1 forms) to your buyer’s conveyancer.
What is a TR1 form?
The Land Registry TR1 form is used to create a transfer deed, which your conveyancer can use to transfer the property. It contains information relating to the property transaction such as its location, price, and the names of the buyers and sellers as well as the seller’s signature.
If it contains any legally binding covenants or agreements, the buyer’s signature will also be required.
What is a TP1 form?
The TP1 form is slightly different as it is used to transfer a part of the property, rather than the whole thing. This could mean a section of the property’s garden or splitting a large house into two.
An accompanying plan with the new divisions must be included when selling using a TP1 form.
Additionally, if the split-off portion of land constitutes a new property that needs to be first registered with HM Land Registry, you will be required to include either a FR1 form or an AP1 form, depending on whether the property is being merged with another pre-existing property.
A copy is sent to HM Land Registry
The buyer’s conveyancer will send the transfer deeds over to the HM Land Registry so that the register can be updated to the change of ownership. All the relevant documents stored by the HM Land Registry will then be updated with the names and details of the new owners.
How long does the transfer of ownership take?
The process of transferring ownership from one party to another can be complex, and therefore the timeline can vary widely depending on a number of factors. Typically, the process can take anywhere from 4 to 12 weeks, but there are several steps involved which can complicate the process and impact the length of time it takes.
Related: Property chains explained
We’re here to help
Martin & Co. is here to assist you at every turn, from property marketing to overseeing viewings and advancing the sale. Being a part of one of the biggest estate agent networks in the UK, we have the know-how and experience to assist you at every stage of the process, whether you’re looking to buy, sell, or rent a property.
Ready to get moving? Contact the expert team at Martin & Co.
Further reading…
https://www.martinco.com/news/common-myths-about-house-selling
https://www.martinco.com/news/what-to-do-if-your-house-gets-down-valued
