A Transfer of Equity is the legal process for changing the legal ownership of a property. It is essential that you obtain expert legal advice when considering a Transfer if Equity as it will result in a notable change in circumstances for you and anyone who is a party to it.
Equity is simply the residual value of the property after any mortgage is deducted from the market value.
The transfer of equity happens when an owner wants to add or remove people to the title register of the property. This could be a freehold or leasehold property and it can relate to land or buildings.
Why would I want to transfer equity in my property?
Once all parties are in agreement to the proposed transfer, our expert lawyers can prepare the transfer documentation and involve a mortgage company if an existing mortgage exists on the property. A transfer of equity can also be completed at the same time as remortgaging a property.
Our Property team are experts at ensuring a smooth transfer of equity occurs and are experienced in the process of advising parties who wish to be added to a title and a mortgage or removed from a title or a mortgage on the property.
The completion of a transfer of equity may mean you have to pay stamp duty land tax. Our conveyancing team can establish immediately whether or not a proposed transfer of equity will trigger a stamp duty land tax payment.
All costs and anticipated fees and payments that we would make on your behalf would be advised at the outset of the proposed transfer to provide clarity and assurance that there will be no surprise fees or expenses upon conclusion of the transfer.
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