Want to know more property law? Read our guides to answer your questions about property ownership, from the house buying process to transferring property to family members.
There are multiple approaches to transferring property ownership to family members. Your options and the costs can depend on your situation. Explore your main options, alongside the positives and risks of each.
Equity claims Property Ownership
When you own a property with someone, you may choose to transfer full ownership to either yourself or the other person. The process can be complex, so it's best to be prepared.
Equity claims
The cost of transfer of equity can vary depending on the situation. Understanding the costs involved can help you prepare for a change of property ownership.
Equity release is the ability to free up the equity from your property, whilst you continue to live in it. For many people, their property is their biggest asset, but all their savings are tied up in it. So, how can equity release work for you?
You’ll need a transfer of equity if you’re looking to remove or add a name to the deeds of your property. You'll also need one if you would like to ‘buy out’ an ex-partner. Here are a few different reasons you might need a transfer of equity, how you can go about getting the process started.
There are many reasons you might find yourself in need of legal representation. Moving home, getting a divorce, writing a will or even making an accident claim: these are all services performed by legal service providers around the UK on a daily basis.
If you have a mortgage on your house, transferring equity might seem complicated. There are a few extra steps you’ll need to take, but the process can actually be very straightforward. Usually, through the process, your conveyancing solicitor will be there to advise you.
You might have been told that you have equity tied up in your house, and you can increase your wealth or fund your retirement by releasing it. But what exactly is equity, and what are your options when it comes to using it?