Our team in Portsmouth have extensive experience in all things to do with conveyancing law. One of the property transactions that we work with on a regular basis is the transfer of equity.
If this is something you need to undertake, the best thing to do is talk to our team today, and we can give you a quote and an idea of the steps involved.
Here is a short explainer of how we may be able to help you.
What is transfer of equity?
Transfer of equity is any situation where there needs to be a change in the ownership of a property. This might mean an increase or decrease in 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 and make the process simple, without leaving you at risk of legal issues further down the line.
Why might a transfer of equity happen?
The most common circumstances in which Andrew & Andrew are instructed as conveyancing solicitors for a transfer of equity involve changes in a personal relationship.
This may occur when individuals decide to marry or cohabit and wish to jointly own the property in which they reside, or when a couple separates and one party intends to remain in the former matrimonial home. In either situation, the mortgage lender must be involved, as they will effectively issue a new mortgage offer to reflect the revised arrangement.
It is not permissible for an individual to simply transfer their share of the family home, even if they wish to do so. The mortgage provider will conduct an assessment to determine whether the individual intending to retain the property is financially able to maintain the mortgage independently. Should they be unable to do so, both parties will remain jointly liable for the original mortgage, and the transfer of equity cannot proceed.
There are also certain tax-related scenarios in which a transfer of equity may be beneficial. We are able to provide guidance on these matters when acting as your conveyancing solicitors.
Get legal support in Portsmouth
Andrew & Andrew provide timely, resourceful and cost-effective legal solutions for all your conveyancing needs, and take care of all legal processes involved with property transfer.
We are here to help, whenever you are ready. To get started, please talk to our team.