In order to transfer equity on a property which is subject to a mortgage, the mortgage lender must give permission for the person transferring ownership to be released, providing the person to whom equity is being transferred can prove they are able afford contractual payments on the mortgage. Alternatively a new mortgage may be arranged with a different lender, in which case a Transfer and Remortgage needs to take place.
This is a complex process which should be carried out by a conveyancing solicitor, who will organise the Transfer Deed, register the change in ownership with the Land Registry, and make sure that any Stamp Duty payable is considered. They will organise the redemption of the existing mortgage and the remortgaging process.
Are you transferring the equity in your property and considering remortgaging? We advise you to consult a qualified legal professional to ensure that everything is carried out legally and correctly, and that you understand the process fully. Our simple online service can help to match you with the best option for your needs, and provide a free, no obligation quotation for your Transfer and Remortgage.