Transfer of Equity
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A Transfer of Equity is sometimes called a Transfer of Title or Transfer of Deeds, and people can refer to it as ‘adding someone to’ or ‘taking someone off’ the deeds. It is a transfer of real property (a house, a flat etc), and importantly, there is always at least one person staying on the title (if that is not the case, see Sale, Purchase or Gifting a Property). Nearly all of the time the people on the title also own the property, so these transactions can affect who owns the property and how much of it they own.
Talk it over with us first
As everyone knows each other, these transactions can appear simpler than a normal sale or purchase between strangers. However, just because the people involved are related or know one another well does not mean that there won’t be complexities. Often these can easily lead to misunderstandings and unexpected consequences – not least if there are tax implications.
Common examples of Transfers of Equity that our lawyers see are people attempting to give some of a property to their children with a view of avoiding tax or care home fees, adding their partner to the title, and putting their share of their house in their partner’s name in case their business fails. All of these can be fraught with risk if the repercussions aren’t carefully considered. Some examples of things that need to be considered are:
- Will I have to pay Stamp Duty Land Tax or will this cause Capital Gains Tax liability?
- What if the person I give a share the property to decides they want to sell the property? What if they try to force me?
- Am I going to retain any benefit from the property after I give it away? Will this mean the gift doesn’t fulfil my aim?
- Will my mortgage company agree?
- Do the parties need to be represented by separate lawyers at different firms?
- If two or more people own the property how much will each own? How will this change if the price goes up? What if it goes down?
These questions, and many others beside, are the reason that we cannot give you have a fee estimate for handling your transfer of equity until we have talked it over (without obligation) to find out exactly what you want to do with your property, and why. Then you can be confident that we will give you the best advice, charge you a fair price, and deal with your transfer of equity effectively and without fuss.
Why choose Amphlett Lissimore?
- We will explain the process and keep you updated, without bombarding you with legal jargon
- You will have direct contact with your lawyer by phone, email and face to face at one of our five convenient locations
- We are on the panel of most banks and building societies
- We have specialist lawyers who can advise on transfers of equity and understand this complex area of property law
- We have been accredited by the Law Society under its Conveyancing Quality Scheme, and our lawyers include members of the Society of Licensed Conveyancers and the Conveyancing Association.