The Government has announced proposals to cut ground rents to help homeowners in leasehold properties. Housing Secretary Michael Gove has launched a consultation that will set out options including capping ground rents at a so called “peppercorn” rate for existing leaseholders, freezing ground rents at current levels and capping the ground rents at a percentage
Transfer of Equity
A transfer of equity is when the interest in property or land – owned by two or more people – is sold to another owner or owners of the property. In addition to adding someone to the property, it can also mean an owner being removed.
Talk to one of our friendly and experienced team on 01582 514000
Equity transfer may be carried out for a number of reasons, including:
- Tax planning – You may wish to transfer your share of a property as part of a long-term financial planning strategy
- Marriage – You may want to add your spouse to the property title after you marry
- Divorce – After separating, you may want to transfer a property that you owned jointly into the name of just one owner
- Cohabitation – You may want to add the person you live with to the property title
In all cases, we will assist you with the legal aspects of that including dealing with the mortgage lender, whose consent will be required unless you are also remortgaging.
- Deal with the drafting of the transfer deed.
- Ensure that any requirements of the mortgage lender are satisfied.
- Register the new ownership at the Land Registry.