If the transfer of equity is for no monetary value, then one solicitor in the firm could act for both parties, or preferably two solicitors within the same firm to act for either party. However, the preference would be for the parties to instruct their own solicitors.
Can you remortgage from joint to single?
Yes, that’s absolutely possible. If you’re going through a separation or a divorce and share a mortgage, this guide will help you understand your options when it comes to transferring the mortgage to one person. A joint mortgage can be transferred to one name if both people named on the joint mortgage agree.
How to Transfer Equity in a jointly owned property?
You might arrange a transfer of equity to: Add your spouse to your property’s deed if you have married or remarried Remove your ex-partner from the deed if you have divorced Change the percentage shares owned by the co-owners of a jointly owned property or buy out a co-owner’s share in the property
When does a transfer of equity take place?
A ‘transfer of equity’ occurs when an existing owner of a property either adds or removes one or more people to the title (ownership) of the property. This can happen for several reasons, such as when a couple gets married or separate.
Can a transfer of equity be done without legal advice?
A transfer of equity is a fairly simple transaction and provided it does not involve the taking of a new mortgage or secured loan and there is no existing mortgage or secured loan on the property which will not be removed then it is usually possible to proceed without professional legal advice.
When do you need to transfer ownership of a property?
There are many circumstances where it might be desirable or necessary to change the ownership of a property between parties. Transfer of Equity is the legal process used to add or remove someone as an owner from the title of property. This process does not involve a sale of the property and at least one of the original owners will remain the same.
