There may be times where changing the legal ownership of the property without selling is the preferred option. We have helped our clients transfer equity for different reasons.
Reasons to transfer equity
Property is being gifted. You may choose to gift a property or a portion of the equity to a loved one, often a family member or close relative. This is usually done for estate planning or helping a loved one on the property ladder.
Refinancing. Circumstances can change and you may wish to refinance, which can lead to a change in the title. In particular where a new loan involves a change in ownership or an additional borrower.
A Trust is formed. Property can be transferred to a trust fund. This can allow the trustees to manage the property on behalf of the beneficiary in accordance with the trust deed.
A Court Order. An order form the Court, for example following divorce proceedings, can lead to a change in the title. The division of marital assets could lead to a transfer of equity where a property is owned jointly.
Transferring your equity in a property requires careful consideration, as it has significant consequences. It is essential you speak to one of our specialist lawyers who can advise you so you achieve your desired outcome.
Locations
Unlike many solicitors, we specialise solely in conveyancing, and with offices in Bury St Edmunds, Cambridge, Clacton, Colchester, Diss and Ipswich our team are ideally located to discuss any property matters with you face-to-face.
Conveyancing Services
Residential and commercial conveyancing services. Whether you’re looking to move, remortgage or acquire residential or commercial property.
