What is a transfer of equity?
A transfer of equity is where the legal ownership of a property is changed without the house going up for sale.
Transfers of equity can happen for a number of reasons. Some common examples include:
- Marriage – When a couple get married it is common for the sole owner to want to transfer the property into joint names.
- Divorce – When a couple divorces or separates, they may want to transfer the property back so only one of them is a legal owner.
- Co-Habitation – When two people decide to live in a property already owned by one of them.
- Tax – It is not uncommon for accountants to advise property owners to make a transfer of equity to their children or another family member. This is due to the fact that financial sharing of the home is often more tax efficient.
Although generally more straightforward than a sale or purchase, a transfer of equity is still a legal process and in some instances it can be complex one, especially if there is a mortgage on the property. For this reason we would strongly advise that you seek legal advice from a professional conveyancer before you think about transferring equity.
How to transfer equity
At Peter Robinson & Co. we have helped many clients complete transfers of equity.
Whether you want to transfer the equity in your home, or add or remove an owner let the professional team at Peter Robinson & Co. guide you in the most straightforward way possible.
Our team can acquire the title deeds for your property and draw up the transfer documentation for you. We will inform anyone who has an interest in your property, including your lender, of the transfer.
We can also advise you on Stamp Duty and if it applies to you. Please get in touch to discuss this service further.
For more information on how to transfer equity, please contact our friendly team today on 0161 678 7996.