Transfer Of Equity
A person may wish to change the legal ownership of a property for a number of reasons:
- Marriage/Civil Partnership. Once married the parties often wish to transfer the matrimonial home into joint names by way of a transfer of equity either subject to the existing mortgage or on a new rate by way of re-mortgage.
- Divorce or separation. Following divorce or separation the persons involved may wish to transfer a jointly owned property back into the sole name of one of the partners as part of the divorce proceedings or as part of a court order
- Tax planning. Property owners are sometimes advised by their accountants to transfer a percentage of any properties to other members of the family to try and minimise inheritance tax liabilities.
If the property has a mortgage then it is advisable to first of all seek the consent of the mortgage company to the transfer and then take appropriate legal advice.
Versus Law are extremely familiar with the process of equity transfers and can administer your request, ensuring everything is done accurately and to your exact requirement. Please phone us now on 0161 249 5087 to discuss your options with our conveyancing department.
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