As you travel the long and winding road of life, you will almost invariably encounter road bumps along the way. It is important to know how to deal with these when they occur, so in this article, we will be discussing how to remove someone from the title deeds of your home. This is known as performing a transfer of equity.
Why would you perform a transfer of equity?
You may need to remove a name from the title deeds of your property due to divorce or death. Or it could be for happier reasons, such as to gift a property to a child or loved one.
What is a transfer of equity
Changing the ownership details on the title deeds of your property is known as a transfer of equity, with equity being the value of the property less any outstanding mortgage. To conduct a transfer of equity, you will need to engage the services of a Transfer Of Equity Solicitor such as Parachute Law who will ensure that the transaction is carried out lawfully and with all appropriate consents.
What is required to enact a transfer of equity
Your Transfer Of Equity Solicitor will require the title documents to the property. They will obtain any necessary consents from the mortgage lender and any other interested parties, prepare the transfer deed and any other legal documents that are required and register the transfer with HM Land Revenue.
They will also complete the Stamp Duty Land Tax (SDLT) return form if it is required for your particular transaction..
Removing an individual from the title deeds of your home is not a complicated process but one which requires the dedicated support of a legal professional, to ensure that the process is conducted smoothly and lawfully.