If you need to alter the legal ownership of your property, you might need to complete a transfer of equity. Transferring equity between homeowners can seem a terribly complicated and daunting process, particularly in tricky cases of separation or divorce where there may be several affordability and financial factors to consider.
However, with the right guidance, you can transfer your equity without a hitch. Here, we’ll explain how this process works and what support you’ll need.
What is a transfer of equity?
A transfer of equity is a legal process that must be followed in order to alter the ownership status of your property. Typically, you might need to remove an owner from the title deeds, perhaps in the event of a separation, which is often known as ‘buying someone out’. Alternatively, you may wish to add a named owner instead. To do either of these, you’ll need to complete a transfer of equity.
Do I need legal advice?
Although in simple cases it may be possible to complete a transfer of equity without legal assistance, this process can be super complex with many factors to consider. The guidance of an experienced transfer of equity solicitor, such as https://www.parachutelaw.co.uk/transfer-of-equity-solicitor, could be extremely beneficial in ensuring a smooth and successful outcome.
Here are some steps you’ll need to complete when preparing for an equity transfer:
Agreement and Communication
You’ll need the agreement of all parties to begin this legal process. Communicating clearly with your mortgage lender is key too.
Agreeing a Split
You’ll need to decide and determine the new ownership percentages of the property and ensure you can finance the transfer.
A transfer of equity solicitor can assist in preparing any legal documentation required, which includes the Transfer Deed and Land Registry documentation.