Transfer of Equity
If you currently own a property with one or more co-owners and you either wish to buy out that person’s interest, or they want to sell their interest to you, then this is known as a transfer of equity. In these cases we cannot act for both parties.
Where you have a mortgage on the property normally the party transferring the interest in the property will require releasing from the mortgage conditions and debt.
There are three ways of doing this:
- Discharge the existing mortgage from monies from your own resources
- Obtain consent from your current lender to transfer the property and make an application for a further advance where required for the “buy out”.
- Re-mortgage your property and borrow sufficient funds to discharge the existing mortgage and any surplus required for the “buy out”.
What we do when changing a property from a sole name into joint or multiple names
- When changing a property from a sole name into joint or multiple names or simply adding more names to the deeds of a property this is the process a conveyancer may follow
- Review the title deeds or a copy of the property deeds from the Land Registry to prepare for an equity transfer
- Prepare the transfer deed.
- Notify any additional parties like mortgage lenders or secured lenders, banks or building societies. Any third party like this must give their written consent to the deed transfer
- Register the deed transfer at the Land Registry. A Land Registry fee is payable
- Check the identity of the clients as it is a legal requirement.
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Why PDR Property Lawyers?
By trusting your transfer of equity to PDR Property Lawyers, you’ll get:
- Fees that start from £349 plus VAT and disbursements
- The whole process explained from the start
- Friendly and knowledgeable staff
- Regular updates by phone and/or in writing as your case progresses.
Transfer of Equity can be a little confusing. But with over 10 years experience we can help to ensure your Transfer of Equity runs smoothly and efficiently.
Call today us today 01733 203873 for a free no obligation quotation.