For expert legal assistance in transferring equity in a property, contact the specialist team at Slater and Gordon Lawyers. Please don’t hesitate to call our transfer of equity solicitors on freephone 0808 175 8000 or use our online contact form and we’ll get in touch at a time that suits you.
Transfer of equity is the process of changing the legal ownership of a property. It may involve including another person or removing someone from ownership of the property. When a person is added or removed from the property title, it involves the transfer of equity to or from that person.
Equity is the value of a property after the cost of any outstanding mortgage is deducted from its market value at that time. For example, if you’d a mortgage of £50,000 on a property worth £200,000, you’d have equity of £150,000.
Examples of why you may want to transfer equity include the following:
There are a number of reasons why it’s essential to seek legal advice from an expert in equity transfer, starting with the fact that this process can result in a notable change of circumstances for yourself and your family. Additionally, there are often a number of people involved in a transfer of equity, which means that the situation can become complicated very quickly. It’s important to have specialists on hand to help you navigate the process as quickly and efficiently as possible.
In some circumstances, a property owner may find themselves with no equity or negative equity. This is when the mortgage outstanding on the property is equal to or more than its current market value. Situations like these can arise when property values drop in a particular area and/or a property owner takes out a high loan to value mortgage.
If you’ have no equity or negative equity in your property and want to understand the legal implications and your options in terms of transferring it, please don’t hesitate to contact the team at Slater and Gordon Lawyers for expert advice on the arrangements that’ will need to be put in place. You can call us on freephone 0808 175 8000 or contact us online to discuss your circumstances.
The first step if you’re considering equity transfer is to contact our property and conveyancing solicitors for expert advice. The approach you take will be determined by your individual circumstances, and our solicitors will gather as much relevant information as possible to ensure we provide sound advice.
It’s necessary for all parties to be in agreement, or for us to negotiate such an agreement, before a Deed of Transfer document is drafted. All parties will then sign this document and it’ will be confirmed with the mortgage lender that they’ are happy for the transfer to go ahead.
Our transfer of equity solicitors will also:
As well as assisting with a smooth and efficient transfer of equity, Slater and Gordon’s property solicitors can help with arrangements for remortgaging if necessary. Our expertise covers combined transfer of equity and remortgaging, which could help you to secure a more preferential rate. Please contact us on freephone 0808 175 8000 to discuss your circumstances and for expert advice on the next steps to take.
With the help of our highly trained transfer of equity solicitors, your transfer will be as easy and as hassle-free as possible. It’s essential to have an expert in this field on your side when it comes to equity transfer and remortgaging to ensure a smooth, efficient and properly completed legal process.
Slater and Gordon Lawyers also offers the security and peace of mind of fixed fees. We pride ourselves on being honest and transparent in all of our dealings with clients, and this includes providing detailed and clear information about pricing. We’ll outline all fees and costs at the very start of the process so that you’ve all the facts and will never be faced with an unexpected bill or unpleasant surprise further down the line.
Our experienced transfer of equity solicitors will be happy to help, drawing on their years of expertise in this field to provide sound legal advice you can trust. Slater and Gordon Lawyers is one of the largest and most respected law firms in the UK, with offices in multiple locations across the country, including London, Manchester, Liverpool, Leeds, Birmingham, Cardiff, Edinburgh, Cambridge, Preston and Watford.