If you currently own a property on your own or with other co-owners you may wish to add someone to the property as a co-owner or to remove someone. This is known as a “Transfer of Equity”.
If you have mortgage on the property then you will need to obtain the consent of the mortgage company before the Transfer of Equity can take place.
The Legal Process:
- Jordans’ conveyancers will review the current title to the property and then draft a transfer deed which will transfer the property from the current owners to the new owners.
- This transfer will need to be signed on behalf of all the people named on it. In some cases, the transfer will then need to be sent to the mortgage company for them to also execute it.
- The transfer deed will then be registered at the land registry by Jordans and a copy of the new registered title will be sent to you.
You should always get professional legal advice from a qualified conveyancer when dealing with a transfer of equity.