Our team in Portmsouth 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 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 a 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 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 that lead to Andrew & Andrew acting as conveyancing solicitors 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.

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.

Andrew & Andrew Solicitors proudly serve clients across Hampshire from our Portsmouth, Emsworth, and Wickham offices.