Pindoria Solicitors property lawyers can assist with the transfer of equity if a property needs to be transferred into another name in accordance with a divorce settlement or if you just need to for another reason such as reducing the size of your estate.
The transfer of equity requires prior written approval which if the property has a mortgage can be obtained by the current lender. On approval of the application along with instructions from the lender we will draft and send to you for signing the transfer deed, which formally effects the transfer of the property into the new names at the Land Registry. The transfer of equity process is like any other legal process which might be difficult for you to go through.
You should note that stamp duty land tax may be payable on transfer of equity transactions depending on the amount of money been paid and amount of the existing mortgage. If this becomes an issue our property lawyers will advise you accordingly. Upon execution of the transfer deed by all parties, and in the lead up to the completion stage we will obtain any additional funds required from you and/or your lender.
After completion, our transfer of equity solicitors will apply to the Land Registry in order to register the new ownership of the property. The Land Registry then completes the registration and in turn we will provide you with official Land Registry confirmation.
Get in touch with our solicitors to better understand the transfer of equity process and how it works.