Transfer of equity and remortgages

A transfer of equity is when a person/persons is added or removed to the title deeds of a property. 

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 tax planning purposes . We would advise  that you seek specialist financial advice  from an accountant  or tax advisor  if  intending  to  transfer equity for tax planning  purposes.

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?

Possibly; depending on the circumstances of the transfer stamp duty may be payable.  We will assist you in calculating how much if anything is owed.

Remortgages

Remortgaging means switching your mortgage to another deal, and this may mean changing your mortgage provider.  If you decide to remortgage your property,  your  proposed lender is likely to require you have a solicitor in order to check title to ensure the Property is mortgageable and meets their criteria.

We are  on most lender panels  and are able to act for you, your existing  mortgage provider in redeeming your  existing mortgage  and your new lender  in this remortgage process.

If you wish to talk to us further about transfers of equity or remortgages then please telephone us on 020 8290 0333 and ask to speak  to a solicitor or conveyancer in our residential conveyancing  department