If you need legal advice and assistance with matters related to the transfer of equity, our experienced solicitors can help. Pearsons & Ward conveyancing solicitors regularly help clients based all across Yorkshire with the transfer of equity, as well as to buy, sell and manage property.
There are many factors which can complicate the process of transfer of equity, so it is essential to seek the advice of specialist conveyancing solicitors with the knowledge and skill to assist you. Our lawyers have a comprehensive understanding of the residential property market and will offer expert support and reassurance throughout the process. To discuss your needs with one of our solicitors, get in touch today by calling01653 692247 (Malton), 01904 716000 (York), 01937 583210 (Wetherby), or alternatively, you can complete our online form, and we will get back to you right away to arrange an appointment.
Transfer of Equity Solicitors, Malton, York & Wetherby
Transfer of equity is the legal process for changing ownership of a property. We work with clients from all backgrounds, who may wish to transfer equity for a whole variety of reasons. Most commonly, however, people choose to transfer equity when:
- It is required by court order
- A property is to be transferred between family members
- Arrangements for living together have changed, such as in the event of divorce or the end of a relationship.
- A property is being gifted
- A Trust has been created
The process of transferring the ownership of a property can have a significant impact on the personal and financial circumstances of all parties involved, so it is essential to have proper legal advice.
What is equity?
To properly understand the transfer of equity process and what this might mean for you, it is essential to have a basic understanding of equity. Equity is the value of your property left after the amount outstanding on your mortgage has been paid. For example, if you have purchased a property for £200,000, and you have £80,00 left to pay on the mortgage, the equity in your property is £120,000.
What is the process for transferring equity?
There are some factors which may affect the process for transferring equity; however, generally, you will go through the following steps:
Obtain an official copy of the title
To start the transfer of the equity process, you will need a copy of the title to the property. You will then need to instruct a solicitor, who will examine the title to identify any restrictions or mortgages on the property. Your solicitor will also conduct an identity check and prepare a transfer deed.
Where there are no mortgages on the property
If there are no mortgages on the property, both parties to the transfer (the current owners and the new owners) will sign the transfer deed in the presence of a witness. The deed will then be registered at the Land Registry.
Where there is a mortgage on the property
If there is a mortgage on the property, the consent of the mortgage lender is required for the transfer to go ahead. Your solicitor will contact the lender on your behalf and will request written onset from them. If the mortgage lender does not consent to the transfer, you will either need to pay off your mortgage or remortgage with a new lender who will agree to the transfer.
Contact our Transfer of Equity Lawyers in Yorkshire
The team at Pearsons & Ward are on hand to guide you through every stage of the transfer of equity process. To discuss your transaction, call us today on 01653 692247 (Malton), 01904 716000 (York), 01937 583210 (Wetherby), or fill out our online form and we will get back to you without delay