If you currently own property and are looking to add someone on to your Deeds or remove someone from your Deeds then this is usually referred to as a Transfer of Equity.
In most cases the names on the Deeds to your property have to be the same as the names on the mortgage so if you currently have a mortgage on your property then you will have to proceed in one of two ways:
- Transfer the property subject to the approval of your existing mortgage lender. This will involve you completing an application for your Lender to establish whether they will be able to approve the change in parties on the Deeds; or
- Transfer the property and remortgage at the same time. I.e. you pay off your existing mortgage and take out a new mortgage in the names of the new parties to the Deeds. In this case you would need to obtain a new mortgage offer from a lender before you could complete the transaction.
In both cases you can instruct us to act for you and provide our details to your Mortgage Provider when you submit one of the two applications listed above.
We also work very closely with our Matrimonial Law Department to deliver Transfer of Equity Services for Property Transactions arising out of Divorce or Separation. In these circumstances we aim to offer an effective service that ensures that the process of transferring the property takes no longer than is necessary to prevent any undue delay to your Divorce Proceedings.
