Transfer of Equity
Let Goughs Solicitors guide you through the transfer of equity process
Transfer of Equity: What does it really mean?
When you own a property you may wish to transfer the ownership to another person or people. Similarly if you jointly own a property, you may wish to take on full ownership.
The process has a lot of moving parts, so you need to be prepared; luckily you’ve come to the right place to get the best advice from an expert transfer of equity solicitors firm.
Senior Associate Residential Property Practitioner
When will I need to use a Transfer of Equity?
There are many different situations when considering a transfer of equity might be the right option for you.
If you are going through a relationship breakdown and one party wishes to remain in the home, transferring their share to you, or your share to them could be far easier and less emotional than selling the property.
You may wish to gift your share of a property to a family members or friend
All situations are unique and require tailored advice so please get in touch for further information to suit you.
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Your Transfer of Equity questions answered
The most considerable amount of time will be the mortgage company assessing your eligibility, should you be taking on a greater mortgage value on your own. Although, if you are transferring equity without a mortgage, the process can be very quick indeed.
All parties involved will need to sign documentation, so to speed up the process you could arrange to all do this at the same time.
As with all conveyancing matters, the more complicated the process, the longer it will take. As all situations are unique, get in touch for a bespoke quote today.
The cost of an equity transfer will vary dependent on the circumstances and the value of the property or properties involved. Other factors that will influence the price will be whether you are adding, removing or replacing someone on the deeds, and whether the property is leasehold or freehold.
You may also have to pay a transfer fee to your bank if the property has a mortgage.
Transferring equity can incur other costs so please get in touch for more detailed advice. These are dependent on individual circumstances. Your dedicated Goughs residential property lawyer will be able to advise on the costs you will incur, so get in touch today.
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Nadine has been excellent throughout, keeping us regularly informed of all progress and we liked her very practical approach to things. The support staff at Goughs have also been excellent throughout, hence, instructing Goughs on 4 property matters. Nothing too much trouble and all requests were dealt with very swiftly
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