Transfer of equity is the process of adding or removing someone from the title deeds of a property and by doing so this essentially removes their ownership of the property. Transfer of equity is different from a sale of the property as at least one of the original owners of the property will stay the same. However, the list of all the owners of the property will change. In this article, transfer of equity solicitor, we take a look at the mechanism involved and consider the reasons behind transferring equity in the first place.
Free Initial Telephone Discussion
For a free initial discussion on how we can help you with the legal aspects of transferring equity in a property, get in touch with us today. We will review your situation and discuss the options open to you in a clear and approachable manner. Early expert legal assistance can help ensure the transfer is seamless and also avoid the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will get back to you.
Why would you want to transfer the equity in a property?
There are various reasons why you would want to transfer the equity in your property and these can include:
- To gift a child or family member. This is a way of mitigating inheritance tax.
- Starting a new relationship where you have an existing property and want to put your partner’s name on the deeds.
- Separating from joint ownership of a property.
- Court order.
- When a trust is set up.
What are the steps involved?
When all parties involved in the transfer of equity are in agreement, a ‘Deed of Transfer’ is drafted for all parties to sign and any existing mortgage formalities will be completed. After the Deed of Transfer has been signed, a Stamp Duty Land Tax Return may need to be completed. This will need to be submitted irrespective of whether any stamp duty is owed. Finally, all interests and charges over the property will be registered at the land registry. This is the point at which the property is registered in the new occupant’s name.
How we can help
We have a proven track record of helping clients transfer the equity in their property. We will guide you through all the necessary legal due diligence in a comprehensive and timely manner. We firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.
How to Contact our Residential Conveyancing Solicitors
It is important for you to be well informed about the issues and obstacles you are facing. However, expert legal support is crucial in terms of saving you money and ensuring you achieve a positive outcome.
To speak to our Residential solicitors today, simply call us on 0345 901 0445, or allow a member of the team to get back to you by filling in our online enquiry form. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.