Common property transactions – transfer of equity
When you engage Andrew & Andrew as your conveyancing solicitors in Portsmouth, you gain the benefit of many years’ worth of experience. We have been helping people with the legal aspects of property for more than half a century.
One of the property transactions that we work with on a regular basis is transfer of equity. If this is something you need to undertake, get in touch with our team today and we can give you a quote and an idea of the steps involved. Andrew & Andrew are committed to communication and transparency when we are acting as your conveyancing solicitors in Portsmouth.
What is transfer of equity?
Transfer of equity is any situation where there needs to be a change in the ownership of a property. The might mean an increase or decrease on the number of equity holders. In either case, you can instruct Andrew & Andrew to help you with the process so that we are acting as your conveyancing solicitors in Portsmouth.
What circumstances might lead to a transfer of equity?
The most common circumstances that lead to Andrew & Andrew acting as conveyancing solicitors in Portsmouth for a transfer or equity are a change in the circumstances of a relationship. Either people choose to marry or cohabit and want to jointly own the property they live in or they choose to get divorced and one party wishes to stay in the marital home. In either case, the mortgage company needs to be involved and they will effectively make a new mortgage offer to cover the circumstances of the new arrangement.
It is not possible for someone to simply give their share of the family home away even if they want to. The mortgage company will make an assessment to see if the party who wishes to keep the property can manage the mortgage on their own. If they cannot, then both parties remain liable for the original mortgage and the transfer of equity cannot take place.
There are also some tax cases where a transfer of equity might be advisable. We can offer you advice in this area when acting as your conveyancing solicitors in Portsmouth.