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Transfer of Equity Services By Pindoria law. - London (Stanmore)

Post #: A37954990
Posted on: 24 November
Posted By: pindorialaw (pindorialaw ads)
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A transfer of equity is a transaction where legal ownership of a property changes hands but at least one of the original owners remains on the title. For example where a couple transfer it into the sole name of one or other of them or a person is added to the title. 

At Pindoria law, our Team provided an advice about Transfer of equity mortgage process.              

 The Transfer of Ownership Process 

The form to be used is land registry form TR1. The current owner(s) will be the transferor(s) and the new owner(s) will be the transferee(s). The first step is to obtain official copies of the title. It is necessary to check whether there are any mortgages on the property or whether there are any restrictions that will need to be complied with. 

If there are no mortgages then all parties simply need to sign the transfer deed and register it with the land registry.

 If there is a mortgage on the property then this will either need to be repaid or else the lender’s consent will need to be obtained. Read on for details.

 One reason for a person completing a transfer of equity is to prevent his creditors from being able to claim some or all of the equity in the property in the event he becomes bankrupt. The trustee in bankruptcy however has powers to set aside; that reverse transfers that were for less than the market value of the property (or the share). He can do this in respect of any transfer that has been carried out within the last 5 years. Once the transfer is set aside the trustee will be entitled to the equity in the property on behalf of the creditors. 

Contact Pindoria Law, and  talking to our dedicated solicitor team will help you get the understanding you need to make an informed decision.

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