Transfer of Equity Quotes
Maidenhead, Berkshire, SL6 7TL
When a property has two or more owners, sometimes circumstances occur when one of the owners needs to transfer part or all of their share of the property to one of the other owners. Similarly, there is sometimes a need for a new individual to take either a share or full ownership of a property.
These types of transactions are known as a transfer of equity. The equity in a property, owned by any individual, is the net value of their share of the property and is calculated after deduction of any outstanding mortgages or other loans that are legally secured on the property. A transfer of equity is the process under which a current property owner wishes to relinquish either a part or their whole stake in
a property and transfers ownership to someone else.
As part of an equity transfer, if there is a mortgage on your property your lender must be informed and approve the proposed transfer of equity. If the transfer of equity is taking place as result of divorce or separation, the proposed new owner(s) of the property must be able to satisfy the lender that they will be able to maintain mortgage repayments before the previous owner may be released from the mortgage.
Gordons Property Lawyers have over ten years experience completing transfer of equity requests, and complete over 3000 new cases per month. Our experienced equity transfer team will complete your matter efficiently, and you will have access to your own dedicated case handler throughout the process. Gordons will provide you with a complete break down of all costs from the outset of your instruction, and offer fixed fee agreements as standard
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