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.
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.
I engaged the services of Goughs Solicitors in Trowbridge, in particular Ailie Peacock, to act on my behalf for the sale of my house. Ailie was always clear with her advice, acted in a timely manor and answered any questions I had almost immediately. She was very proactive in dealing with the other parties involved in a slightly convoluted chain.
Ailie also managed a very late request from our buyers with calm efficiency and the utmost professionalism. The end result was a smooth sale and completion, with remarkably little stress on our part. I would not hesitate from using them again.
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Superb once again. Goughs provides outstanding service... professional in getting the job done and conducted with grace and care. Thank you Goughs!
The solicitor I dealt with at Goughs, Rhianna Cole, was an absolute star, I cannot fault her in any way at all. She made everything in the situation I was in so easy to understand, and she guided me through an extremely stressful time, with extreme professionalism, yet a very personal and sensitive touch. Can't big them up enough.
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Sophie was very attentive and responsive and understood the need to act quickly in regard to our purchase process. She was diligent with the paperwork and was very easy to talk to and clear at explaining what was required in terms of action from our side and from the seller.
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I have been working in the property market for over 25 years and it's so refreshing to be able to find a company who has old fashion values and talks to you in the old fashion way where you're not just a number but a person and they truly do care about giving a professional service that is also personal. 5 Star service all the way, thank you so much for your excellent advice and knowledge will be delighted to recommend you to both family and friend.
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She clearly explained the house selling process; the hitches that could happen. She was friendly and efficient.
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Very thorough, with attention to every detail, instilled confidence that helped everything to progress quickly and smoothly.
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