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 Transfer of Equity

Transfer of EquityA Transfer of Equity is when the name(s) on the title deeds to a property has to be changed. It could be that a couple has just got married and has re-mortgaged the house in both names (instead of the one), and therefore require both names to be on the title deeds.

In the case of a property that has any charges on it (e.g. Mortgage, Secured Loan etc.), the Title Deeds are updated accordingly, but are not in the full possession of the owners of the property as the Bank/Lender have an interest in the property until all mortgages/loans are paid in full.

It is vitally important that the Title Deeds to your property are up-to-date and are correct as the names on the deeds are the legal owners of the property once all charges are lifted.

Types of Transfer of Equity
A Transfer can be made between any number of people, but when Transferring Equity in your property, it is important to consider the different types of Tenancy which can be applied.

Joint tenants are regarded as owning the whole of the property without any separate share or distinction between them. On the death of one of the joint tenants their share will automatically pass to the surviving tenant, regardless of any provision in the will.
 
Tenants in common, mean that the owners are regarded as having separate and distinct shares, e.g. 50% each or 60% and 40%. Your shares in the property may be left under your will to any beneficiary you choose, i.e. your children. It is actually possible for each party to give their share of the property to the children with the right for the surviving spouse/party to live in the property until their death.





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