In this paper, we propose a fast H.264-to-HEVC transcoder composed of a motion propagation algorithm and a fast mode decision framework. The motion propagation algorithm creates a motion vector candidate list at the coding tree unit (CTU) level and, thereafter, selects the best candidate at the prediction unit level. This method eliminates computational redundancy by pre-computing the prediction error of each candidate at the CTU level and reusing the information for various partition sizes. The fast mode decision framework is based on a post-order traversal of the CTU, and includes several mode reduction techniques. In particular, the framework permits the early termination of the rate distortion cost computation, a highly complex task, when a mode is unpromising. Moreover, a novel method exploits the data created by the motion propagation algorithm to determine whether a coding unit (CU) must be split. This allows the pruning of unpromising sub-partitions. Compared to a cascaded pixel-domain transcoding approach, the experimental results show that the proposed solution using one reference frame is on average 8.5 times faster, for an average BD-Rate of 2.63%. For a configuration with 4 reference frames, the average speed-up is 11.77x and the average BD-Rate is 3.82%.