There are many reasons why you may need to change the legal ownership of a property. Relationships breakdown. Loved ones die. Financial difficulties. No matter what has happened, we will help you achieve a satisfactory solution.
Need advice to complete a transfer of equity? Receive expert advice – call 0191 5666 500 for a friendly discussion.
To change the way a property is owned you must follow a legal process known as a Transfer of Equity. With our expert legal advice, you can be sure the matter will be dealt with quickly and professionally.
Common reasons to complete a Transfer of Equity include:
- Change in cohabitation arrangements (split up, divorce etc)
- Transfer of property between family members
- Property is being given as a gift
- The formation of a Trust
- Court order
Transferring equity will bring about a change in circumstances for everyone involved. While the process is more straightforward than buying or selling a property it still requires expert attention to ensure everything goes as smoothly as possible.
Leave us to take care of all the paperwork and benefit from clear advice about the consequences and potential pitfalls of any transaction.
Once you are fully informed you will be free to choose how to proceed so you can make the best future ownership decision.
After successfully guiding hundreds of people through the Transfer of Equity process our knowledge and experience will ensure it happens with minimum fuss.
What does the term equity mean?
Equity is the market value of a property minus the outstanding sum owed on a mortgage. If you owe £80,000 on a mortgage but your home is worth £300,000 you have £220,000 equity.
Why would you need a Transfer of Equity?
No-one can predict the future. Relationships break down and circumstances change. You may need to transfer the ownership of a property as a result.
Should a relationship break down one party may no longer wish to jointly own a property so a transfer to a sole name would be required.
A new partner may wish to become a joint owner requiring a transfer of equity into joint names. You may get married and agree to your spouse owning half of the equity.
Whatever the reason for transferring ownership our experienced Conveyancing team can help guide you through the process.
What is needed to start a Transfer of Equity?
To begin the Transfer of Equity process we will obtain an official copy of the property’s title deeds.
Once obtained, we will use it to check if any mortgages exist on the property or if there are any other legal restrictions.
We also review the title deeds to verify the identity of its owners before preparing the Transfer Deed.
The next step depends on whether the property has any mortgages against it but we will advise you about how to proceed at all times.
How we can help with a Transfer of Equity
With our friendly support and expert legal advice, you can minimise the stress and frustration often associated with a Transfer of Equity.
We will do our best to make the process as smooth as possible. We will also communicate with you regularly so you always know what is happening.
We offer:
- A single, dedicated point of contact
- Friendly and efficient experts
- Liaison with mortgage providers
- Clear & competitive costs
Accredited by the Law Society Conveyancing Quality Scheme our team of Conveyancers in Sunderland can help if you live in the North East or anywhere else throughout England & Wales.