Transfer of Equity Solicitors York, Wetherby & Malton
If you need to legally change the ownership of a property through the process known as 'transfer of equity', we can help. The conveyancing solicitors here at Ware & Kay help clients across Yorkshire to buy, sell and manage their properties.
Transfer of equity can be complicated, but as a highly experienced firm with a comprehensive knowledge of the residential property market, we offer expert advice and reassurance throughout the process. To discuss your specific needs with a member of our team, get in touch with us today by calling 01904 716000 (York), 01937 583210 (Wetherby), 01653 692247 (Malton), or complete our online enquiry form, and we will get back to you to arrange an appointment.
Transfer of Equity Solicitors, Yorkshire
The legal process for changing ownership of a property is known as a transfer of equity. There are many reasons why you might wish to transfer equity, and the process may result in a significant change in circumstances for all parties involved. As a result, you must have the advice and assistance of an experienced property solicitor. We regularly assist clients with transfers of equity under a variety of circumstances, such as those where:
- Arrangements for living together have changed, such as in the event of divorce or the end of a relationship.
- It is required by court order
- Property is to be transferred between family members
- Property is being gifted
- A Trust has been created
What is equity?
Equity is the value of your property left after the amount outstanding on your mortgage. For example, if you have purchased a property for £180,000, and you have £100,000 left to pay on the mortgage, the equity in your property is £80,000.
How can I transfer equity?
To begin a transfer of equity, you will need a copy of the title, which will be used to check whether there are any restrictions or mortgages on the property. You will need to instruct a conveyancer to assist you, who will:
- Carry out an identity-check
- Review the title
- Prepare the transfer deed.
Where there are no mortgages on the property
The existing owners of the property and the new owners of the property will both sign the transfer deed. The signing must be witnessed, and then registered at the Land Registry.
Where there is a mortgage on the property
If an inspection of the title reveals that there is a mortgage on the property, you will require the consent of the mortgage lender to transfer the equity. Your conveyancing solicitor will contact the mortgage lender and request written consent to carry out the transfer. If your mortgage lender does not consent to the transfer, you will need to pay off your mortgage, or remortgage with a different lender.
Contact our Transfer of Equity Lawyers in Yorkshire
The residential property team at Ware & Kay will provide clear and practical legal advice. Our solicitors are on hand to guide you through every stage of the transfer of equity process. With many years of experience advising clients in Yorkshire, Ware & Kay solicitors are ideally placed to assist you.