Guide to Transfers of Equity
This guide provides brief background information on transfers of equity and how Foot Anstey can assist you in the process.
What is a transfer of equity?
A transfer of equity occurs when one or more joint owners of land or property wish to transfer any interest that they may have in the land or property to another co-owner of that land or property. There are many different situations that can occur for a transfer to take place however, the most common is through divorce and co-habitees deciding to live apart.
What will I need for a transfer of equity?
There are many aspects that will need to be considered and addressed before a transfer of equity can take place including:
• MORTGAGE
You must have finalised your financial arrangements, e.g. received confirmation that your existing lender consents to the transfer of the mortgage.
• BUILDINGS INSURANCE
You will need to make sure that your insurer is advised of the proposed transfer of equity as the policy will have to be updated once the transfer has been completed.
• LIFE INSURANCE
Your mortgage lender may require changes to any existing endowment or term assurance policies assigned to it as collateral security for the Mortgage.
• STAMP DUTY LAND TAX
If Stamp Duty Land Tax is payable this must be paid to the Inland Revenue by the person who is acquiring the other’s share in the property within 30 days of completion of the transfer.
What services can Foot Anstey offer?
Foot Anstey will ensure that your transfer runs smoothly, covering aspects from obtaining title deeds to registering the transfer with Land Registry. Upon completion we will attend to all the formalities and there is no necessity for you to attend our offices.
If you would like any more information on our remortgaging services please contact us
This guide is provided for information purposes only. Its contents do not constitute legal advice and should not be regarded as a substitute for specific legal advice. All details are subject to change. © Foot Anstey 2007. All rights reserved.
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