Transfer of Equity
A Transfer of Equity is the change of legal ownership of a property either by removing a party from the title deeds or by adding a party to the title deeds.
Typical scenarios of when a Transfer of Equity may happen are on a breakdown of a marriage or civil partnership and either the Court orders or it is agreed in matrimonial proceedings that the property is to be transferred from the joint name of the couple to a sole name.
Another scenario could be that when the partner of a couple move into a property owned by the other and they wish to put the property into their joint names. One point to remember is that if there is a mortgage secured on the property, consent from the Lender will be required before proceeding with any Transfer of Equity.