Whether you want to remove a person from the title of a property, alter a joint ownership agreement or transfer ownership to a member of your family, you may benefit from accessing equity transfer services from a qualified and experienced professional.
What does transferring equity mean?
The transfer of equity process simply refers to the addition or the removal of a person from a property’s title deeds. Adding a person to the deeds means they are the legal owner or joint owner of a property, and removing someone from the deeds means that they will no longer have a legal claim over that property.
This process differs from a standard sale of property process because one or more of the property’s original owners will remain the same.
Why use a transfer of equity solicitor
A transfer of equity solicitor can provide independent legal advice and ensure that every stage of the process progresses smoothly.
What are the most common reasons for transferring equity?
There are a number of reasons why transferring equity may be required, including:
– Separation or divorce
In the event that a relationship has broken down and one person wishes to keep the property, an equity transfer is required.
– Resolving joint ownership
As this Independent article discusses, an increase in property prices prompted many people to pool resources together with friends or family in order to get onto the property ladder. At some point, one person may want to buy out the other people in the agreement and transferring equity is the only way to achieve this.
– Establishing a new relationship
If a relationship was established when one person already owned a property, as the relationship becomes more serious, the transfer of equity process can be used to add that partner to the deeds.