Transfer of Equity
A Transfer of Equity takes place when a name (or names) is added to, or taken off a registered Title deed, and at least one of the original owners remains on the title deeds.
The importance of executing thorough conveyancing searches prior to a Transfer of Equity is self-evident.
A Transfer of Equity is normally triggered due to 3 major factors
– Marriage
– Divorce
– A Redistribution of assets within a Family ( Often due to tax planning, or as part of a will or intestacy )
Initially a Transfer of Equity can look like a simple and straight forward procedure however complications can arise, particularly when it involves an amendment to a mortgage or secured loan on a property.
As well whenever Transfers of Equity involve money changing hands to buy into, or to buy out of property equity, again the procedure and steps to be taken can be complicated .
In both of these occasions expert help can ensure the right steps are taken and in the right order to complete a transfer of equity successfully.
Of course on occasions and in its simplest form a Transfer of Equity may be actioned as a Gift and involves no monetary transaction, nor any other financial actions. Even in these instances though a Deed of Transfer requires completing and the changes have to be registered at the Land registry.
Get a conveyancing quote for your Transfer of Equity.