Transfer of Equity Solicitors
A transfer of equity is when one or more joint owners of property or land transfers or sells their interest to another owner or owners of that property.
This may be due to personal or financial reasons; there are many reasons why a transfer of all, or a share of equity may be required:
- Marriage: transfer of title of the matrimonial home into joint names.
- Divorce or separation: to transfer property ownership from joint names into one sole name.
- Tax planning: to transfer a share of the family home into the name of a child/family member.
- Adjustment of financial shares: to change a percentage in the property ownership.
Whatever your requirements, we can assist you. Conveyancing Solutions will put you in touch with one of our professional transfer of equity solicitors, who will provide expert legal advice and assistance from the very beginning to help take the stress out of the process and protect your finances.
Your solicitor will obtain the official copies of the title deeds from the HM Land Registry in readiness for the Transfer of Equity. The solicitor will then prepare the transfer deed for you to sign once you are ready to proceed, and they will notify any third party who has an interest in the property, such as a mortgage lender. Please note that it will be necessary for you to obtain formal consent to the transfer from your mortgage lender.
Stamp duty may be payable on the transfer of a property if it is sold or gifted. Some equity transfers may be stamp duty exempt, for example, where a property is being transferred as a result of a court order following divorce proceedings. Stamp duty may be payable on one half of the debt secured against the property plus any payment being made to the person coming off the title if the combined amounts exceed the Stamp Duty Threshold (currently £125,000).
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