A transfer of equity is the legal process of adding or removing a person from the ownership of a property. It is commonly used following relationship breakdowns, when adding a partner to a title, or as part of estate planning.
The process involves your solicitor preparing and registering a transfer deed reflecting the change in ownership. Where a mortgage exists, the lender's consent is required as they need to be satisfied the remaining owner can service the mortgage independently. A transfer of equity can also have Stamp Duty Land Tax, Land and Buildings Transaction Tax and Capital Gains Tax implications depending on the circumstances.
If you are separating from a partner or going through a divorce, your family law solicitor and conveyancing solicitor will need to work together to ensure the property transfer is handled correctly alongside any financial settlement.
Use our comparison service to find a regulated conveyancing solicitor for your transaction. We profile firms across the UK including Glasgow, Edinburgh, Aberdeen, Dundee, Manchester, Birmingham and London.