Transfer of Equity and Remortgages

Transfer of Equity

There are many reasons why you may want to initiate a transfer of equity. For example, if you own a house and have recently been married, you may wish to add your spouse to the title deeds of your home. Transfers of equity can also be made for inheritance and tax planning purposes, though we would advise that you seek specialist financial advice from an accountant or tax advisor if intending to transfer equity for this purpose.

Transfer of Equity and Mortgages

If there is no mortgage on the property and no money is changing hands, then transferring equity is a relatively straightforward procedure.

If the property has a mortgage on it, then you will need to obtain the lender’s permission in order to transfer equity. If money is changing hands, (for example you are obtaining a divorce and buying your ex-spouse’s share of your family home) then the process is more complicated, however, at Judge & Priestley, we have many years’ experience in such matters and can ensure the process runs smoothly.

Will I Have to Pay Stamp Duty?

It is possible that there will be a stamp duty liability when making a transfer of equity. This depends on the detailed circumstances of the transfer. We will assist you in calculating how much if anything is owed.

Remortgages

If you decide to remortgage your property, your proposed lender will usually require a solicitor to review the title to ensure the property is mortgageable and meets their lending criteria.

We are on the panels of most major lenders and can act for you throughout the process, including liaising with your existing mortgage provider to redeem the current mortgage and acting for your new lender on the remortgage.