Conveyancing law is one of our busiest departments, with our experts having broad experience in property law. Just one of the situations we commonly help with is equity transfers.
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?
Equity transfer means changing who owns a property. This can mean adding or removing names from the property title. The process requires discussion with conveyancing solicitors, as well as your mortgage provider.
Our solicitors can help you through this process and make sure everything is done properly to avoid legal issues later down the line.
Why might a transfer of equity happen?
We often help clients with equity transfers when their relationships change. Couples getting married or moving in together may want to own their home jointly. Similarly, when relationships end through divorce, one person may want to stay in the property alone.
It is not possible for someone to simply give their share of the family home away, even if they want to. In both cases, the mortgage lender must be involved, as they will need to offer a new mortgage based on the new situation.
It is important to know that equity cannot simply be given away. The mortgage provider will check whether the person keeping the property can afford the mortgage on their own. If they cannot, both parties remain responsible for the original mortgage, and the transfer cannot go ahead.
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.
What to expect
First, you should talk to our conveyancing experts. They will go through all the information surrounding why you are considering an equity transfer and explain the process to you in more detail.
If they agree that equity transfer is the right decision, the process can begin. The timescales around equity transfer can vary, but our team will keep you up to date and do their best to speed things along, especially if the timing of the transfer is essential.
From the first conversation to after your equity transfer is complete, our team will be by your side to answer any questions you may have.
Get legal support in Portsmouth
Andrew & Andrew provides effective and affordable help for all your property law needs. We handle every legal part of property transfers, and are ready to help when you need us.
Whenever you are ready, get started by talking to our team.