When people talk about the equity in your home they are referring to the difference between what your property is worth and the amount of any mortgage or loan secured against it. Put simply, the equity is what you would have left over if your property was sold and all secured debts were paid off.
Your equity can be worth a lot of money and for that reason you may wish to share or release some of it to enable you to do things you might otherwise not be able to afford, such as carrying out home improvements or helping your children get onto the property ladder.
Common cases where a transfer of equity may be appropriate include where:
- you own a property in your sole name but want to share ownership with someone else, such as your spouse or civil partner;
- your partner has moved in and agreed to pay half the mortgage in return for a share in the equity;
- you want to transfer some or all of the equity in a property to your children or another relation;
- you and your spouse or partner own a property jointly but you have agreed that your share should be passed to them as part of a financial settlement following divorce or separation;
- a court has ordered you to transfer your equity in a property to someone else, for example a co-owner you owe money to;
- you wish to put property into a trust, or
- you have been advised to make a transfer of equity for wealth protection or tax planning purposes.
They will ensure that everything proceeds as smoothly and quickly as possible by:
- checking that there is nothing to stop you making a transfer of equity, such as a restriction in a shared ownership arrangement or under your mortgage;
- helping you to obtain any necessary consents where a restriction exists, and in the case of a mortgage restriction referring you to an independent financial advisor to determine whether a remortgage might be appropriate;
- advising you on the implications of making a transfer of equity;
- advising you on the costs and fees you will have to pay, including stamp duty land tax where applicable;
- completing the transfer of equity forms; and
- registering the transfer with the Land Registry.
Advising individuals throughout Gravesend, Kent and beyond
We can also offer meetings at your home if necessary, and in exceptional circumstances a telephone appointment can be arranged via skype.
The cost of dealing with a transfer of equity will depend on the circumstances, and in particular whether there is a mortgage. We are happy to provide a quotation after discussing your requirements.
Get in touch with our transfer of equity solicitors in Gravesend, Kent
If you need assistance making a transfer of equity, please get in touch to see how we can help. You can call us on 01474 351199 or use our contact form and we will call you.