Transfer of Equity
Transferring equity in a property involves changing ownership.
Equity is the residual value of the property after any mortgage is deducted from the Property’s value.
The following are common examples for transferring equity:-
- Adding a partner to ownership of Property if it is currently owned in your sole name;
- Removing an ex-partner from ownership of the Property;
- Buying out a co-owners share in a Property or changing percentages of the current owners.
Transferring equity can attract stamp duty liability. It is therefore important that you instruct Chris Stevenson Solicitors so that we may advise you accurately as to any liability.
If you would like more information in relation to a transfer of equity, please do not hesitate to contact our team on 01302 341243 or conveyancing@chris-stevenson.co.uk.