What is a Transfer of Equity?
When somebody is added or removed from the title deeds, this is known as a transfer of equity. Examples of transferred equity include when a parent adds their son or daughter to title deeds, and when a sole owner adds their spouse. The mortgage deed will also have to be altered if the property in question has a mortgage on it.
A transfer of equity is required if you need to change how the property is registered, such as removing or changing a person on the land registry. The change can be done in one transaction and if there is any consideration to be paid to the removing party, money is transferred directly to them on completion.
How we can help
The team at Waldron & Schofield understands communication and timing is key when it comes to such matters. This is why we ensure you are fully updated and that you receive an updated copy of the entry within six to eight weeks after completion.
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