A Transfer of Equity is a legal procedure used to change the ownership of a property, typically by adding or removing someone from the title deeds.
This process is commonly used during significant life events like marriage, divorce, or adding a family member to the property title. If the property has a mortgage, the lender must approve the transfer, ensuring that the new or remaining owners are financially capable of maintaining the mortgage payments.
The process involves legal documentation, including a Deed of Transfer, and may have financial implications such as potential stamp duty or capital gains tax, depending on the specific circumstances. The transfer becomes legally binding once it’s recorded with the Land Registry.
Transfer of equity mortgages explained
Do I need a solicitor to buy out my partner?
How do you add someone to a mortgage?
