With UK weather becoming more extreme, homeowners are having to deal with an increase in damage caused by trees and fences being blown down. We take a look at who is responsible and how to deal with a storm damage insurance claim. The UK has seen an...
Transfer of Equity or Transfer of Ownership usually takes place when a property is held jointly by two people and it has been decided that one of the parties should take the whole ownership of the property, for example when a married couple have decided to divorce.
As Transfer of Equity is a transfer of Legal Ownership of the property it changes hands but at least one of the original owners remains on the title, for example a couple transferring into the sole name of one of them or a person is added to the title. Since the parties involved have prior knowledge of the property there is no need for a contract.
With regard to the Mortgage, you must obtain the Lenders consent before proceeding any further but once consent is obtained the process is quite simple. A Transfer Deed needs to be drawn up and signed by both parties to the transaction and witnessed, the Mortgage Lender involved will also need to sign.
Stamp Duty may also need to be paid on a Transfer of Equity and we will be pleased to advise you on this point.
The property rights for unmarried couples are very different from those of married couples. There can be complications in that there may be a dispute in who owns what or who contributed how much to a given purchase. In any situation it is always best to enter into a written agreement as to who has contributed what and what is to happen if the parties later split up. Doing this can save a dispute and legal costs later.