Transfer of Equity
Do you own a property with someone? Do you want to make a change to the ownership? Equity is basically the amount of value or money in a property once the outstanding mortgage has been paid or taken into account. A transfer of equity is when one or more of the owners of a property decide to transfer all or part of their share of the equity to their co-owner(s) or someone else, usually for a payment but sometimes as a gift or as part of a larger financial arrangement.
There are many reasons for transfers of equity, perhaps due to a breakdown in a relationship or simply rearrangement of family finances. For example, it could be that the co-owners own a property jointly but want to change the proportion of shares held by each. For example, they may no longer want to own the property on a 50/50 basis but prefer a different ratio such as 60/40 or 70/30. Usually a Deed of Trust should be used to properly record the parties respective interests.
If the property is mortgaged, then if there is to be any change of co-ownership the mortgage lenders agreement has to be obtained. As your solicitor, we will also liaise with them and deal with their requirements.
Whatever your reason for transferring equity, Attwaters can advise and guide you through the process, protecting your interests and ensuring a smooth speedy transaction
Contact:
Sheri-Anne MizonDD 0208 498 6578 Email
Stephen TetlowDD 0208 498 6573 Email
Geoffrey ToveyDD 01279 638890 Email
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