How do I transfer the ownership of my shared ownership property?
For us to review your application to transfer the ownership of your shared ownership home you need to complete a transfer request form.
If you want to take out further borrowing on your mortgage to accommodate this transfer of ownership you will also need to complete the Remortgage/Further Advance application form.
You will have to pay an administration fee for us dealing with your request. We charge £130 for a Transfer of Ownership application and if you are applying for a Further Advance simultaneously, we require a fee of £200.
When we receive your completed application form, we’ll ask you to make payment over the phone.
You’ll be responsible for your own legal costs in this process. Please be aware as you are a shared owner its likely your solicitor will need to serve L&Q with a Notice of Charge & Notice of Transfer, this is a notice which is required as per the terms of your lease. The fee per notice is £102. (Inc. VAT)
In some cases your solicitor may need a Certificate of Compliance from L&Q. This will ask whether you have abided by certain clauses within your lease. If this is required then there is an additional fee to provide this, which is £ 120. (Inc. of VAT)
All leases differ so it will be your solicitor’s responsibility to make sure they comply with the terms of your lease and notifying you of any associated costs.
Please note: If you solely own your Shared Ownership home we’ll not be able to consent for you to transfer the ownership of your property.
If you want to add someone to the legal ownership, they will become a joint legal shared owner and they must abide by the terms of the lease. This includes making sure that this property is their main home. L&Q will carry out identification and address verification checks as part of this application.
We aim to process your completed application within 5 working days of receiving it. If we can approve your request we will write to the solicitors confirming our consent and ask them to progress accordingly.
Please send the required information to us at email@example.com