When one or joint owners of property (or land) transfers or sells their interest to another person, (whether it be one of the joint owners or someone else) this is known as a transfer of equity. There may be a payment or other consideration, or it can be a gift. (Sales are of course transfers of equity but are not under discussion here).
Gift by parents to child
If there is a lender involved the names on the title of the property will have to be the same as on the mortgage. We are on the panels of all major lenders.
Points to consider
If you are making a gift of property or a transfer without payment of the full price there are many points that may need consideration (this is not an exclusive list);
Anyone intending to give away property or accept less than the full value should, for their own protection and also for the protection of the recipient, receive independent advice.
With many years’ experience between us we are confident we can offer a really good service if you are considering a transfer of equity. Because we have that experience we know that you need a fixed quote for our costs and details about any disbursements you will incur. Contact us for more information on 01429 235616
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