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A transfer of equity or transfer of title is when someone is added or removed from the title to a property. There can be a number of reasons why someone may wish to undertake a transfer of equity of their property. For instance, they may wish to add a family member to their existing title on the property. Alternatively, a couple who are separating may need to transfer one person from the title. Perhaps the incoming owner is taking on responsibility for the existing mortgage or an entire new mortgage is being arranged.
A Transfer of Equity can also occur when the property has been inherited under the terms of someone’s Will. In some instances this means that the property needs to be transferred to the beneficiary.
The process and timescales can vary depending upon the circumstances of the transfer. However, I work very closely with tax and trusts experts so whatever your situation, if you need advice please contact me.