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.