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Transfer of Equity
Transfer of equity means the transfer in the share of a property. This can involve:
- being added to the title of the property
- removed from the title of the property
- a change in how much one person owns in the property
Equity will often transfer as part of a divorce settlement but it can arise for any reason and because the co-owners have agreed a change.
Points to take into account when considering a transfer of equity include:
- stamp duty which may be payable if the transfer is over the stamp duty threshold
- if the property is subject to a mortgage you may require the consent of the lender and this may not be given if the remaining owner cannot meet the mortgage payments
- if the property is leasehold you will need to comply with your obligations under the lease.
If you are thinking of transfer all or part of your equity or you are planning on acquiring some equity in a property speak to specialists at Hart Brown who can ensure that your interests are fully protected. Unless you are giving up your equity completely it is vital that you have a declaration of trust which records clearly what your interest in the property is.
To speak to someone who can help with a transfer of equity call, email or request a call back from one of our specialist lawyers.