Transfer of Equity
Transfer of equity refers to any change to the legal ownership of a property. In most cases, it is an amendment to the co-ownership of a property. This is otherwise known as ‘partial conveyance.’
There are many reasons why you might consider going down this path, but some of the most common ones are mainly related to personal circumstances such as the following:
- Adding a new partner or spouse to the deed of the property
- Removing a previous partner or spouse from the title deed, following a breakup or divorce
- Adding grown-up children to the deed to provide them with some security
The basic process begins with a review of the legal title deeds by your conveyancer. A licensed professional must evaluate these documents to see if there are any mortgages or restrictions that might affect the transfer of equity. When this has been completed, the conveyancer will arrange the Transfer Deed. Essentially, this is just a form that is used by the Land Registry to document any changes in the title deed of a property.
It is important to remember that if there is a current mortgage on the property, the mortgage lender will be required to formally consent to the transfer of equity. This is usually to confirm that if a party member is leaving the ownership of the property, that the remaining occupant(s) will be able to keep up the mortgage repayments. Once in agreement, the transfer will be able to proceed.
The dedicated team at Conveyancing Lawyers For You can assist with any queries you might have on the transfer of equity. Our expert online conveyancing network is made up of licensed conveyancers with years of expertise in the field. We are available seven days a week to answer all your questions relating to the transfer of equity.
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