Transfer of Equity
We are residential property and transfer of equity solicitors in Exeter. We can advise on the transfer of equity process, costs, and any issues to consider, as well as drafting the necessary legal documents.
What is a transfer of equity?
Equity is the legal term for how much of the property you own. Or, to put it another way, the value of the property minus any outstanding mortgage. A transfer of equity is when a jointly owned property is transferred from one of the original owners to the other remaining owner or owners, or when a single owner adds one or more people to the ownership of the property. It is commonly known as adding or removing someone from ‘the deeds’ of a property.
The most common reason for a transfer of equity is due to separation or divorce. However, there are other situations in which you might transfer equity for example if you have just married and want to co-own the property with your spouse, or if you want to give ownership/part-ownership of the property to a child or another family member.
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