A transfer of equity means a change in the legal ownership of a property without necessarily the sale of the property itself. The “equity” refers to the value of the property after repayment of any loan.
Transfers of Equity often take place where there is a divorce or breakdown of the family relationship when perhaps the property is transferred from joint names to a single name. Sometimes however, transfers of equity are for other reasons, possibly tax planning, and there is sometimes also a re-mortgage as part of the arrangement.
We deal with many transfers of equity and we recognise that these transfers often take place at very difficult times in peoples lives. Our conveyancing department therefore works closely with mortgage lenders and brokers to ensure that the transaction is handled smoothly and is as straightforward as possible.