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Transfer of Equity
If you are newly married with your own home and want to own your home in joint names, or are separating and wish to transfer ownership to one name, a transfer of equity could be right for you. It can also be helpful for transferring a share of the home to another family member.
Other situations where a transfer of equity could be appropriate include:
- If a court order has been made
- Simplifying the formation of a trust
- Facilitating a gift of property
Why legal advice is useful when transferring equity
If the property is mortgaged, the mortgage deed will also need to be altered, which increases the complexity. The same applies if money is being transferred (for example, if one owner wishes to buy out the share of another during a separation). In either of these cases, you will find our services even more valuable to help you achieve the right outcome. Parrott & Coales’ team of expert property solicitors will help you navigate this complex area of law with their many years of experience.
You also need to consider that payments will need to be made to third parties on your behalf by your solicitor. These could include stamp duty, search indemnity insurance and land registry fees.
Bearing all of these details in mind, it is very useful to have expert legal advice to guide you through this multifaceted area.
For more information on equity transfers, please contact one of the property team on 01296 318 500.