Transfer of Equity
Transfer of Equity involves a change to the legal ownership of a property, for example, whereby a property owner transfers all or part of the ownership to someone else, or someone is added as a new owner. This may take the form of a part sale, or as part of an agreement, such as a marriage, divorce or gifting situation.
Straightforward equity transfers are usually completed within 4-6 weeks, perhaps longer if you have a mortgage. Key steps include the review of title or property deeds, identity and anti-money laundering checks and the updating of title deeds.
This is becoming more and more popular. Equity release is a means of retaining use of your property, while also obtaining a lump sum or a steady stream of income, turning the value of that property into cash, often for the purpose of home improvements or to help your children onto the property ladder.
With the right conveyancing team on your side this is usually a fairly straightforward process. There is no tax to pay on the money released in this way, and you still retain ownership of your property. We have helped many clients with equity release or transfer conveyancing, and can help you to complete the process quickly and with the minimum of fuss.