Transfer of Equity
This is where the existing owner of a property transfers or sells their interest either to the other existing co-owner or to a third party.
If your property is subject to an existing mortgage then you may first need to obtain the formal consent of the mortgage lender. If you are taking over the property in your sole name, you may be required to satisfy the lender that you have sufficient income to pay the mortgage. Alternatively, the new owner may be required to provide financial evidence to show that they can meet the mortgage repayments.
We are able to deal with the drafting of the transfer deed. We will also ensure that any requirements of the mortgage lender are satisfied.
On completion of the transfer we will deal with the registration at the Land Registry.