Transfer of Equity
Transfer of equity occurs when two or more people who jointly own property want to transfer it to one or more of the current owners, or when one person wants to transfer a property they own into joint names.
When does a Transfer of Equity take place?
The most common time when a transfer of Equity takes place is when a relationship changes, Either a sole owner wants to put the property into the joint names of themselves and another person or when a relationship comes to an end and property needs to be transferred from joint names to a sole name.
We can advise in both these scenarios and can also liaise with our family law team over the potentially wider effects of the change in your relationship status. When a property is transferred into joint names, the new owners need to consider carefully how they will own the property and may well need a document setting out their shares of ownership, called a declaration of trust, and we can advise on this as well.
When transferring a property if there is a mortgage involved this can, in certain circumstances, lead to Stamp Duty Land Tax (SDLT) becoming due to HMRC and we can advise on this.
If you have a query or would like to book an appointment please get in touch with our team on 01256 320555 or email email@example.com.
Head of Residential Property