Transfer of Equity Solicitors
Your transfer of equity solicitors in Cornwall and Devon
When circumstances change, families sometimes decide to transfer the ownership of their property. Elderly parents may make the decision to downsize and gift their home to one of their children, who needs space for a growing family. A transfer of equity can also happen as part of matrimonial conveyancing following a divorce or separation. Another common situation is when a new partner moves into a property and the couple wants to add them as joint owner.
When you are arranging a transfer of equity for your property, you need solicitors you can trust. Our award-winning conveyancing team has expertise in transfer of equity. We work closely with our renowned Wills and Probate lawyers to ensure you get the best advice and are supported every step of the way.
What is a transfer of equity?
A transfer of equity is when someone is added or removed from the ownership of a property. It sometimes involves gifting a property. A transfer of equity can happen as following a divorce or separation, when a home becomes the property of an individual rather than a couple. Another common scenario is when an older person no longer needs a large house and wants to give it to one of their adult children, who may be struggling to get on to the property ladder.
Getting the right transfer of equity advice
There are many important things to consider when you are arranging a transfer of equity. For example, there could be inheritance tax implications if you gift a property to one of your children. If you are not married, you may have to pay Stamp Duty Land Tax to become joint owner of your partner’s property. Every situation is different and the rules are complicated but working closely with our expert Wills and Probate team, we will go through everything in detail to ensure you understand exactly what you are entering into. Our role as transfer of equity solicitors is to help you make an informed decision and ensure you go about everything in the right way.
Supporting you with your transfer of equity every step of the way
When you take ownership of a property through a transfer of equity, having all the information about the property will prevent problems further down the line. That is important even if the property is staying in the family.
Before arranging a transfer of equity, we can advise you on commissioning a survey and a Title Review. This could reveal important information about the property, including boundaries and restrictions on how you use the property in future. Without having a Title Review you may risk the property being subject to matters you were unaware of, such as a charge or restrictive covenant which could cause you problems following the final financial settlement. So, getting our advice at an early stage can avoid nasty surprises further down the line.
We can also support you by offering an additional service in order to provide you with confirmation of a Good and Marketable Title for the property, in advance of the transfer of equity. This will alert you to any issues, which may affect your ability to sell and mortgage the property. For example, we may advise that a mining search be undertaken, which is important for properties in Cornwall. If your property is a leasehold we can carry out checks to ensure you understand what service charges you will need to pay the landlord, both now and in the future.