Transfer of Equity

What is a Transfer of Equity?

A Transfer of Equity is a change in the legal ownership of a property whereby a share in the property’s equity (that is the property value after deducting any outstanding mortgage) is transferred from one name into joint names or vice versa.

When might this happen?

Getting married or moving in with your partner – if one of you already owns a property, you may wish to transfer it into joint names. Getting divorced or separating from your partner – you may wish to transfer the jointly owned property into a sole name. Our Family Department can help you with arranging a financial settlement and we can put the property transfer into effect. Tax planning – a professional adviser may have suggested a transfer of a share in your property for tax reasons.

What else do I need to know?

If there is there a mortgage over the property – you must approach the lender for their formal consent before the Transfer of Equity can go ahead. If full value is not being given for the share in the property – the implications of insolvency law must be taken into consideration. We can help you with these issues.

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