A transfer of equity is where legal ownership of a property changes hands but at least one of the original owners remains on the title. If you wish to add a party to the title of your property or if you jointly own a property and either party wishes to be bought out by the other we can provide you with specialist legal advice.

It is possible to do a transfer of equity where the parties want the existing mortgage to remain. The consent of the current mortgage lender will need to be obtained and the new owner will become equally liable with the other owner for the mortgage payments.

If an owner is to be removed from the title the mortgage lender will need to provide their consent to this and the outgoing owner will be released from his obligations under the current mortgage meaning that they are no longer liable for mortgage contributions.

At Quality Solicitors Howlett Clarke we ensure that you are provided with the advice you need to transfer your property including advising you about stamp duty land tax implications that may be involved.

When adding a party to the title of a property you already own solely it is important to consider whether you wish to hold the property as joint tenants or tenants in common. You may also wish to enter into a declaration of trust to reflect that the property is owned in uneven shares and we can provide you with quick and efficient advice in this regard.