Transfer of Equity
Fish4Mortgage is located in Weston-super-Mare, Somerset & is the area’s leading Mortgage Broker with over 25 years of knowledge in the field. We specialise in many areas including re-mortgages, first time buyers, commercial mortgages, general insurance & secured loans. Explore our website to find out more information & also go ahead & use our Mortgage Calculator to see what deals are available to you.
What is Transfer Of Equity?
A transfer of equity is common place when a couple split up & one party wishes to take over the marital home on their own and therefore wants to release the other party from the property/mortgage.
An example of a transfer of equity would be the following, say a couple decide to split and the marital home is worth £200,000 with a current mortgage of £150,000 this means that the equity in the property is £50.000, now if both clients have agreed to split the equity fifty/fifty then subject to status/income, the party who wants to stay in the property either approaches their existing lender & request a further advance to pay their partner out & also asks the lenders permission to take the other partner off the current mortgage or re-mortgage to another lender in their own name solely.
What we do
Fish4Mortgage will help find you a solicitor that suits you & also assist you in getting the further advance required & will get it on the best rate to suit your circumstances. We provide you with a friendly, professional & personal service all face-to-face, we assist you throughout the whole process from the initial consultation all the way through to completion.
A solicitor’s role in Transfer of Equity
A solicitor will deal with the transfer of equity which entails the party who wishes to come off the property signing a transfer form, saying that they wish the other party to have all the equity in the property and relinquish their right to any further interest in the property.
Where the other party is being paid an amount of the equity to come off the property then normally their solicitor will hold the transfer form until the money has been transferred to their client, at that time the other solicitor will send the transfer form to land registry so the property can be registered in the client’s sole name.
Costs do fluctuate depending on the solicitor you use but the average cost is in the region of £350.