Do you own a property with someone? Do you want to make a change to the ownership?
Equity is basically the amount of value or money in a property once the outstanding mortgage has been paid or taken into account. A transfer of equity is when one or more of the owners of a property decide to transfer all or part of their share of the property to their co-owner(s) or someone else, usually for a payment but sometimes as a gift or as part of a larger financial arrangement.
There are many reasons for transfers of equity, perhaps due to a breakdown in a relationship or simply rearrangement of family finances. It could be that the co-owners own a property jointly but want to change the proportion of shares held by each. For example, they may no longer want to own the property on a 50/50 basis but prefer a different ratio such as 60/40 or 70/30. In such cases, a Deed of Trust should be drawn up by a solicitor and used to properly record the parties’ respective interests.
If the property is mortgaged and there is to be any change of co-ownership, the mortgage lender’s agreement has to be obtained, for which a legal representative is highly recommended.
This is why Attwaters Jameson Hill’s expert Residential Property team is here.
We pledge to provide every client with outstanding personal service and communication, unrivalled industry knowledge and a proven track record of advising our clients regarding transfers of equity.
Whatever your reason for transferring equity, Attwaters Jameson Hill’s Residential Property Team will advise and guide you through the process, protecting your interests and ensuring a smooth speedy transaction.