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Transfer of Equity
Transfer of Equity is when the legal owner of a property wishes to add or remove a party to, or from, the legal title to the property. If a property is jointly owned, and a couple separate, the property may be transferred into the sole name of one owner; or if a couple marry and a property is in a sole name, the couple may transfer the property into joint name. This is a Transfer of Equity. Our team of solicitors and conveyancers in our Colchester office can help with this.
The process is as follows:
- If there is a mortgage, make application to the lender to either remove or add a party (the lender must consent);
- Your conveyancer will prepare the Transfer Deed, taking into account the lender and any money that may be paid for the transaction;
- Some transfers can be made by way of gift. If a party is removed due to separation, there is likely to be money paid to the outgoing party;
- Once Transfer is approved, it will be signed as a deed;
- Any Stamp Duty Land Tax will be applied.
This process may take around two to three weeks if everything runs smoothly.
If you are looking to transfer equity in your property, we have an experienced conveyancing team who can help. Please feel free to email Cate [email protected] or call 01206 577676 for a free, no obligation quote.
Solicitor and Partner, Head of Property Department, Colchester
Cate is a Solicitor in the Property Department covering all aspects of Property including a wide range of commercial matters, leases and residential sales and purchases. Cate approaches every client issue with a clear sense of commercial awareness. Before law, Cate had a successful career in sales. She then studied law part time with BPP in London finishing her studies in 2012.
Email: [email protected]
“The management of my case by GoodyBurrett LLP namely by their young partner Cate Cussell is just amazing, the quick sharp service is second to none, no effort is spared, always ahead of any expectations. Thanks Cate”