A Transfer of Equity is required when a property owner adds or removes the name of another person or persons from the legal title (or ownership) of the property.
What are the reasons where you might require a Transfer of Equity? We outline some of them most obvious scenarios in detail.
Remember, you will usually require a conveyancing solicitor to carry out the legal work involved, and at Homeward Legal, we work with property lawyers across England and Wales who have vast experience in carrying out a Transfer of Equity.
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Reasons why you might need a Transfer of Equity
There are four particular reasons where a Transfer of Equity may be required:
- Marriage or civil partnership
- Divorce, separation, dissolution of civil partnership
- Tax efficiency
- Amending the shares in a property
Explaining the reasons for a Transfer of Equity
When you marry a marriage or enter into a civil partnership, you may want to add the name of your new spouse or civil partner on to your property’s title deeds. This will mean your home would then be jointly owned. When the Transfer of Equity is accompanied by a remortgage, you can also release any monetary equity in the property.
When you divorce, legally separate or dissolve a civil partnership, you may require a Transfer of Equity to remove the name of your ex-spouse or partner from the property’s title deeds. This particular equity transfer may also involve a remortgage where the remaining owner uses a loan to pay their ex their monetary share of the property.
An accountant may advise you that a transfer of equity, where you add a child or other family members to the title deeds, could be tax efficient.
Where you have bought with one or more people and each has a different percentage share of the property, you may have drawn up a Deed of Trust to outline those shares. When those shares are to be amended, you can use a Transfer of Equity to redistribute the percentage held by each person named in the Deed of Trust. This often happens when one individual, perhaps a child, has bought with a loan from a parent or other family member and then wants to own the property in full so does so through a remortgage and Transfer of Equity.
Instructing a conveyancing solicitor
While a simple Transfer of Equity can be done by a layperson, when it comes to property and protecting your interests, it makes good financial sense to instruct an experienced property lawyer to carry out the legal work required.
Homeward Legal works with expert conveyancing solicitors across England and Wales who can draw up the necessary paperwork. All the solicitors on our panel are also on all the lenders’ panels, meaning they can also act in the interests of a lender where a remortgage is required.
Get a value-for-money quote for your Transfer of Equity by calling our team now on 0800 038 6699 or get an instant quote now.