At Spire Solictors, we specialise in all aspects of the transfer of equity process. This is the process of adding or removing someone from the title deeds of a property. This is different from a sale as at least one of the original owners will stay the same.
There are many reasons why you might want to transfer equity. These include:
- Divorce or separation. If your relationship breaks down and you and your partner own a property together, a decision will need to be made on what to do with this asset. Some couples may choose to remain joint owners and sell the property, however, some wish to remove a party from the ownership so the other party can keep the property and live in it. This is usually the case where the relationship also involves children.
- A new relationship. If you own a property and have started a relationship, you may look at adding your new partner to the deeds of the house.
- Resolving joint ownership. It’s becoming increasingly common for people to buy a property with friends or family. This is another way for people to get on the property ladder with less initial investment. In the future, one owner may wish to buy the others out and this would require a transfer of equity.
- Tax efficiency. Transferring equity to other family members such as children as part of a tax planning exercise.
Transferring equity can be a simple process when the property is owned by the parties listed on the deeds and everyone agrees. However, it can quickly become complicated when factors like mortgages, taxes, and parties in disagreement are involved.
If you are looking to transfer equity, we highly advise you speak to a legal professional before taking any action. Our highly regarded, knowledgeable and experienced team of property solicitors are on hand to answer any questions and take you through every step of the transfer of equity. We ensure that the process is as smooth as possible and completed in a timely manner.
