A transfer of equity is the addition of or removal from a person to the title deeds/title register of the property. This could be creating a co-owner, taking a name off the title, or transferring it altogether.
Our experienced transfer of equity solicitors and lawyers can transfer your property from sole name to joint ownership, or vice versa, and advise on the options available for co-ownership for e.g. Joint Tenants, Tenants in Common, and Declarations of Trust. We can amend the deeds for you and help draw up paperwork specifying how you will own the property. Our Wills, Trust and Estates Department can also prepare Trust Deeds/Declarations of Trust to reflect different contributions being made to the purchase price of a property, if applicable.
For a transparent quote of what we would charge for a transfer of equity, please contact our transfer of equity lawyers in Lower Earley, Reading on T: 0118 975 6622 or Henley-on-Thames on T: 01491 570 900, complete our website form below, or email residentialproperty@thpsolicitors.co.uk
A transfer or sale of a property usually involves transferring the property to new legal ownership. The term transfer of equity is usually used when one party is remaining on the title as an owner but is either buying their co-owner out, or adding a new owner to the title and transferring some of the equitable/financial ownership to the new owner.
If you want to transfer the legal and beneficial ownership of your property and have an existing mortgage over the property, then you will need to contact your lender and obtain their agreement to either release the outgoing party from the mortgage, add the new party to the mortgage or issue new mortgage terms to you. They will need to agree to the terms of any transfer.
In addition to the legal fees, there may be fees and payments payable to third parties in connection with the transfer, including SDLT.
A common example of when a person may wish to transfer full ownership to either themselves or the other person could be following a divorce/ separation, and the property is transferred from the joint names of the couple to a single person. Another scenario is when a person wishes to give ownership/part-ownership of the property to a child or family member.
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