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We offer expert advice on transfer of equity in various contexts
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Transfer of equity FAQs
What is a transfer of equity?
A transfer of equity will occur where a sole owner of a property adds one or more people to the ownership, or where an existing owner of the property sells their share to those owners who will remain.
How complicated is a transfer of equity?
The legal process that applies is relatively straightforward. The main issues to have a mind are whether the proposed transfer of equity is dependent upon a remortgage, or whether one of the parties is required to raise monies to purchase the other parties share.
Do you have to remortgage when undertaking a transfer of equity?
It sometimes necessary for a remortgage to happen alongside a transfer of equity but it is not an absolute rule. A remortgage can sometimes be said to be more likely where one co-owner is acquiring the other co-owner’s share so that the acquiring party becomes the sole owner of the property. In these circumstances any existing mortgage lender would need to give their consent to the mortgage being transferred into the sole name of the retaining party. The lender’s consent would be based on their normal lending principles and the retaining party will be required to demonstrate that they can meet the lender’s affordability criteria.
Can my partner buy into my house?
If this is something that you are willing to do then you are at liberty to make your partner a joint owner. Adding your partner to the property’s title deeds will require the consent of your mortgage provider and it is likely that your mortgage company will insist that your partner becomes a party to the mortgage. You would be wise to take legal advice before making your partner a joint owner because you may well need a property ownership trust drawn up if you will be owning the property in unequal shares. It would also be wise to consider entering into a co-habitation agreement.
Can I remove my ex-partner from the title deeds to our jointly owned property?
This is the sort of scenario that is covered by a transfer of equity. If it has been agreed that you will be acquiring your ex-partner’s share in the property that this agreement can be formalised by reason of a transfer of equity. The transfer will probably be conditional on your lender agreeing for the mortgage to be transferred into your sole and you will no doubt need to pay your ex-partner the value of their equity. In the event that you existing mortgage lender is not willing to transfer the mortgage into your sole name you will need to find a new lender and this will require you to complete a remortgage alongside the transfer in equity.
Why is a transfer of equity important if I am no longer residing at a jointly owned property?
Under the terms of a jointly held mortgage each party will remain liable to pay the monthly payments until the lender has agreed to release the party who has left the property. This means that even if you have left a property you remain fully liable for the mortgage and you can be pursued for any missed payments and arrears. By completing a transfer of equity and a simultaneous remortgage you are ensuring that you are released from your former obligations.
Can I use a transfer of equity to change the ownership shares of co-owners?
The transfer of equity process can be used to change the ownership shares of the co-owners of jointly owned property.
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Had a positive experience with the company, Solicitor Sylvia Garcia is a strong expertise in residential conveyancing, responded promptly to emails & calls.She is knowledgeable & provides very good service.
Very professional and helpful staff
Dealt with Chantelle Bennett, she was very kind and helpful. I could always ask her for advice and she explained things in a very clear way.
I had the pleasure of working with Emma…
I had the pleasure of working with Emma as my solicitor from Eric Robinson, and I can honestly say she has been absolutely amazing throughout. She consistently went above and beyond to ensure everything was handled smoothly, always responding promptly to any queries I had. Emma took the time to explain every step clearly, making the whole process stress-free and straightforward. Her efficiency and speed were truly impressive. Thank you, Emma, for your outstanding support and professionalism! And also a big thank you to Megan who also supported throughout.
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Recent house purchase
We recently bought our home with Chantelle at Eric Robinson solicitors and honestly couldn’t be happier with how everything went. Chantelle was so easy to deal with from start to finish and made the whole process feel a lot less stressful than we expected. Chantelle kept us updated along the way, explained everything in a way that actually made sense and was always quick to get back to us if we had any questions. Chantelle was just really friendly, reliable, and on the ball the whole time exactly what you want when you’re buying a house. Thanks so much for all your help, we’re so grateful!
Great Service
Emma and Megan were always on hand to answer any questions and provided an excellent service from start to finish.
Had a positive experience with the…
Had a positive experience with the company, Solicitor Sylvia Garcia is a strong expertise in residential conveyancing, responded promptly to emails & calls.She is knowledgeable & provides very good service.
Very professional and helpful staff
Dealt with Chantelle Bennett, she was very kind and helpful. I could always ask her for advice and she explained things in a very clear way.
I had the pleasure of working with Emma…
I had the pleasure of working with Emma as my solicitor from Eric Robinson, and I can honestly say she has been absolutely amazing throughout. She consistently went above and beyond to ensure everything was handled smoothly, always responding promptly to any queries I had. Emma took the time to explain every step clearly, making the whole process stress-free and straightforward. Her efficiency and speed were truly impressive. Thank you, Emma, for your outstanding support and professionalism! And also a big thank you to Megan who also supported throughout.
Thank you Nayo!
I had a really positive experience dealing with Nayo on an employment matter. He was professional but also very easy to talk to, which made a stressful situation feel much more manageable. He took the time to really understand my situation and gave honest, straightforward advice throughout. Communication was excellent, and I felt supported every step of the way. I’d definitely recommend Nayo to anyone needing help with employment law. Thanks again for all your help!
Recent house purchase
We recently bought our home with Chantelle at Eric Robinson solicitors and honestly couldn’t be happier with how everything went. Chantelle was so easy to deal with from start to finish and made the whole process feel a lot less stressful than we expected. Chantelle kept us updated along the way, explained everything in a way that actually made sense and was always quick to get back to us if we had any questions. Chantelle was just really friendly, reliable, and on the ball the whole time exactly what you want when you’re buying a house. Thanks so much for all your help, we’re so grateful!
Key contacts
Ben Smith
Senior Associate Solicitor
Afshana Ullah
Solicitor
Michelle Parker
Senior Associate Conveyancing Executive
Michala Ward
Senior Conveyancing Executive
Emma Gillespie
Senior Solicitor
Chelsea Marsh
Solicitor
Miya Smith
Senior Solicitor
Sarah Hogarty
Senior Associate Solicitor
Ben Morgan
Conveyancing Executive
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