When to Consider a Transfer of Equity in Your Property

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When to consider a transfer of equity in your property? Transferring equity in a home can be a simple or complex process, depending on the mortgage lender. Sometimes more than one party is involved in the transaction, so you may need to take someone off the title deeds, or add another party. In such a case, the party remaining on the title deeds will need to buy out the other party, which may require remortgaging with your current lender or moving to another provider. A transfer of equity will be required each time someone wants to be added or removed from a property’s title deeds.

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Whether to use solicitors to transfer your equity depends on the circumstances. A qualified solicitor will advise you on what other costs might be associated with the process. Generally, it can take a few weeks to complete a simple transfer of equity. Some mortgage lenders will also charge a ‘change of parties fee’ for the transaction. Stamp Duty may also be due on the transfer. In addition, it may be worth enlisting the services of a solicitor to guide you through the process. Find out more about Ascot solicitors by visiting www.parachutelaw.co.uk

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Typically, when someone wants to change the owner of their property, a transfer of equity is necessary. For example, if you are selling your share of a home and another owner is staying, the remaining party must ‘buy out’ the leaving party, transferring the mortgage to the new owner.