No-one knows what life may throw at us, and you may find yourself in a situation where you are looking for an injection of funds. Releasing or transferring equity, or re-mortgaging your home is a big step, but one that can help you with any financial needs you have.
We can help with transferring your interest, or in obtaining someone else’s interest in a property, whether through a Court order or mutual agreement. You may be seeking to transfer equity as you wish to add your children to your property, if you have married or entered a civil partnership and would like to add your new spouse to the mortgage, or if your relationship has ended and you wish to “buy out” the other party.
When leaving the mortgage, you will receive your percentage share of any equity, if there is any. When looking to buy out the other party, you may need to re-mortgage in order to do so. If you are looking to transfer equity due to a divorce, we can work closely with our Family team to ensure your whole journey runs smoothly.
Once the transfer has been completed, the new legal title will show the new division of ownership. No matter the reason for the transfer, we can discuss your options and advise the best way of transferring depending on your intentions.
Once all parties are in agreement, an official document called a Deed of Transfer is drafted for all parties to sign. Any existing mortgage formalities are also completed. If the new owner or part-owner is taking out a new mortgage, then your property lawyer would also represent the lender’s interests in completing this.
Transfer of equity matters are often accompanied by a remortgage. In these cases, Adkirk Law will treat the equity transfer and remortgage as one piece of work, aiming to complete this as soon as possible. The post-completion formalities with an equity transfer are similar to those carried out on a purchase. An SDLT Form (Stamp Duty Land Tax Return) may need to be completed (even if no stamp duty is due) and returned to HMRC within 30 days of completion.
The next stage is to register all interests and charges over the property at the Land Registry, at which point the property is formally registered in the new party’s name(s).