Conveyancing Quotes for Transfer of Equity
Equity is the value of your property, minus the outstanding sum of your mortgage: Value – Outstanding Mortgage = Equity.
So, if your house is worth £200,000 and you have a remaining mortgage of £130,000, you have £70,000 equity.
Transfer of Equity is where a co-owner transfers their share in a property to another co-owner. The most common situations for a transfer of equity are:
- Changing title deeds to include offspring/relatives
- Change the percentage shares owned by the co-owners of a property (multiple reasons)
Do I need a conveyancer when transferring equity?
Yes. When transferring equity, you do need to instruct a solicitor.
How will a conveyancer help when completing a transfer of equity?
When completing a transfer of equity, your conveyancing solicitor will be responsible for:
- Reviewing the title deeds or property deeds
- Checking the identity of the parties involved
- Preparing the transfer deed