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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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I would like to sincerely thank Miya…
I would like to sincerely thank Miya Smith for all her help and support throughout the purchase of our property. From the beginning to completion, Miya was always professional, patient and extremely helpful. She took the time to explain matters clearly and was always willing to answer our questions and guide us through the various stages of the purchase. As English is not our first language, we particularly appreciated her patience in explaining the legal matters and documents to us. She kept us informed throughout the process and dealt with everything carefully and efficiently. We are very grateful for all her hard work and assistance in helping us complete our purchase successfully. It was a pleasure to have Miya act for us, and we would have no hesitation in recommending her to others. Thank you very much, Miya, for all your help and support.
Miya Smith Eric Robinson
Miya (Smith) was efficient, easy to deal with and communicated well throughout our house sale and purchase process. Back up in the office, when Miya was not available, would add another Star!
Chantelle was Excellent
Chantelle was Excellent! Service was quick thorough and Chantelle very responsive. Very happy and will use again. Thank you
Chantelle & the rest of the Eric…
Chantelle & the rest of the Eric Robinson Solicitors team have been absolutely sublime. everything was so smooth and simple, nothing was ever too much trouble. I would highly recommend to anyone seeking this service.
Excellent service and good value
Samantha at Eric Robinson handled both my sale and purchase, and I couldn’t have asked for better service. She and Cathy friendly and approachable throughout, always available whenever I had questions, and clearly paid close attention to every detail on both sides of the transaction. Highly recommend if you want a smooth, well-managed conveyancing experience.
I had a great experience with Nayo
I had a great experience with Eric Robinson solicitors. Nayo Kirkpatrick was professional, helpful and quick to respond. I found the process of using a solicitor with Eric Robinson easy and convenient, as someone who had never used a solicitor before.
I would like to sincerely thank Miya…
I would like to sincerely thank Miya Smith for all her help and support throughout the purchase of our property. From the beginning to completion, Miya was always professional, patient and extremely helpful. She took the time to explain matters clearly and was always willing to answer our questions and guide us through the various stages of the purchase. As English is not our first language, we particularly appreciated her patience in explaining the legal matters and documents to us. She kept us informed throughout the process and dealt with everything carefully and efficiently. We are very grateful for all her hard work and assistance in helping us complete our purchase successfully. It was a pleasure to have Miya act for us, and we would have no hesitation in recommending her to others. Thank you very much, Miya, for all your help and support.
Miya Smith Eric Robinson
Miya (Smith) was efficient, easy to deal with and communicated well throughout our house sale and purchase process. Back up in the office, when Miya was not available, would add another Star!
Chantelle was Excellent
Chantelle was Excellent! Service was quick thorough and Chantelle very responsive. Very happy and will use again. Thank you
Chantelle & the rest of the Eric…
Chantelle & the rest of the Eric Robinson Solicitors team have been absolutely sublime. everything was so smooth and simple, nothing was ever too much trouble. I would highly recommend to anyone seeking this service.
Excellent service and good value
Samantha at Eric Robinson handled both my sale and purchase, and I couldn’t have asked for better service. She and Cathy friendly and approachable throughout, always available whenever I had questions, and clearly paid close attention to every detail on both sides of the transaction. Highly recommend if you want a smooth, well-managed conveyancing experience.
I had a great experience with Nayo
I had a great experience with Eric Robinson solicitors. Nayo Kirkpatrick was professional, helpful and quick to respond. I found the process of using a solicitor with Eric Robinson easy and convenient, as someone who had never used a solicitor before.
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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