Transfer of Equity
Transfer of equity is the process of adding or removing a person from the title deeds of a property. Essentially, it is the lawful practice of changing the legal owner of a property, whether you are putting someone on or taking someone off. Also known as ‘partial conveyance,’ transfer of equity is a popular practice that most commonly comes into play when there is a change in personal circumstance.
Some common reasons to consider transfer of equity and changing the legal ownership of a property are adding a new owner following a marriage, or removing a previous spouse following a divorce. For parents, adding adult children to the deed is becoming more commonplace, to help them get on the property ladder and provide them with a sense of security.
Your conveyancer will begin with a review of the legal title deeds of your property. It is essential that these documents are evaluated by a licensed professional, to ensure that any mortgages or restrictions that may affect the process are identified early. When satisfied, the conveyancer will orchestrate the transfer deed. This is a form used by the land registry to document changes to the title deed of a property.
It is worth noting before starting the process that if there are any current mortgages on the property, the mortgage lender will have to give formal consent to the transfer of equity. Generally, this is for them to assess that the remaining occupant(s) will be able to keep up the mortgage repayments, if a person is being removed as a lawful owner.
At Move Home Hub, we are available seven days a week to help you throughout the transfer of equity process. Our expert team of licensed conveyancers deliver an excellent service and can facilitate quick turnarounds at a great price!
Get your free, online conveyancing quote for your transfer of equity today by clicking the button below!