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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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Flawless service from Eric Robinson…
Flawless service from Eric Robinson Solicitors on the purchase of our first property. Chantelle was incredibly professional and prompt with all lines of communications and requests – making the whole process very easy. Being first time buyers we had never had experience with solicitors and we are incredibly happy with the service we received.
Brilliant Conveyancing Service
Used for conveyancing to sell a property – Emma and Megan were absolutely fantastic! My buyer’s solicitor was a nightmare and I was very impatient to get the sale completed, but they did a brilliant job of moving things along. Really easy to deal with, excellent value for money and fab service. I highly recommend!
I used Eric Robinson for my sale and…
I used Eric Robinson for my sale and purchase and they have been, without doubt, the best solicitors I have ever used. I have always had bad experiences in the past so felt apprehensive about the whole process. Hazzra Huxford was professional, methodical and responsive. She moved things along as swiftly as she was able to, and provided updates in a timely way throughout. I really felt I was in good hands. Towards the end of the process, Hazzra left for maternity leave and my file was handed over to Sylvia just before exchange – again, the service provided by Sylvia was excellent – putting my mind at ease, responding to queries and getting what was a long and messy exchange over the line. Very grateful to them both and will not hesitate to recommend to others. Thanks both!
Amazing service
Amazing service , polite helpful and reassuring on our house sale and purchase Our solicitor Chantelle Bennett I would recommend to anyone 10/10
Highly Recommend!
I’ve used Eric Robinson twice now for conveyancing – Chantelle in particular – and I cannot fault the attention to detail, efficiency and level of communication provided. I will continue to recommend Chantelle and the service offered by Eric Robinson!
Transfer of equity
Emma and Megan were kind, informative and communicated well with updates regarding my transfer of equity. I appreciated that the majority of actions were achieved through phone and email, apart from when I chose to collect documents by hand. Thank you for your support.
Flawless service from Eric Robinson…
Flawless service from Eric Robinson Solicitors on the purchase of our first property. Chantelle was incredibly professional and prompt with all lines of communications and requests – making the whole process very easy. Being first time buyers we had never had experience with solicitors and we are incredibly happy with the service we received.
Brilliant Conveyancing Service
Used for conveyancing to sell a property – Emma and Megan were absolutely fantastic! My buyer’s solicitor was a nightmare and I was very impatient to get the sale completed, but they did a brilliant job of moving things along. Really easy to deal with, excellent value for money and fab service. I highly recommend!
I used Eric Robinson for my sale and…
I used Eric Robinson for my sale and purchase and they have been, without doubt, the best solicitors I have ever used. I have always had bad experiences in the past so felt apprehensive about the whole process. Hazzra Huxford was professional, methodical and responsive. She moved things along as swiftly as she was able to, and provided updates in a timely way throughout. I really felt I was in good hands. Towards the end of the process, Hazzra left for maternity leave and my file was handed over to Sylvia just before exchange – again, the service provided by Sylvia was excellent – putting my mind at ease, responding to queries and getting what was a long and messy exchange over the line. Very grateful to them both and will not hesitate to recommend to others. Thanks both!
Amazing service
Amazing service , polite helpful and reassuring on our house sale and purchase Our solicitor Chantelle Bennett I would recommend to anyone 10/10
Highly Recommend!
I’ve used Eric Robinson twice now for conveyancing – Chantelle in particular – and I cannot fault the attention to detail, efficiency and level of communication provided. I will continue to recommend Chantelle and the service offered by Eric Robinson!
Transfer of equity
Emma and Megan were kind, informative and communicated well with updates regarding my transfer of equity. I appreciated that the majority of actions were achieved through phone and email, apart from when I chose to collect documents by hand. Thank you for your support.
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