After you have purchased a property, a time may come where you want to alter who is named on the title deeds. This may be adding someone on, taking someone off, or adjusting the percentage of the property that each person owns. This process of changing names is called a ‘Transfer of Equity’.
The Process
There are several steps involved in a Transfer of Equity. If there is a mortgage on your property, then you will first need to speak to your mortgage lender and get their consent for the Transfer. They will speak to you about your financial circumstances and then issue you with a Letter of Consent (if you are keeping your existing mortgage) or a Mortgage Offer (if you are taking out a new mortgage). Remember that the same people named on the property also need to be named on the mortgage, so take this into account when planning your transfer.
If you wish to add someone on to the deeds, then a single solicitor can take care of the whole process for you both from start to finish.
If someone is to be removed from the property however, then it is important to keep in mind that they will require their own, separate legal representation at a different firm of Solicitors.
Once you have got consent from your lender and have instructed a Solicitor, the process can begin:
If you have any queries regarding a Transfer or Equity, we're here to help.
Japanese Knotweed - Updated Guidance
Surveyors have updated their guidance on invasive species such as Japanese Knotweed when valuing property, but landowners and homeowners should continue to keep on top of their responsibilities in controlling this and other invasive, non-native plants.
How does the Right to Buy scheme work?
Think the Right to Buy scheme might be a good option for becoming a homeowner? Find out what you need to know about the scheme in our latest guide.
Can cryptocurrency be used to buy property?
Cryptocurrency is a form of virtual, digital currency that exists electronically. There are many different types of cryptocurrency, however, Bitcoin (BTC) and Etheream (ETH) are the most commonly known. Although the currency does not take a physical form, (you cannot put Bitcoin in your pocket!), it is still classed as ‘real’ money and we are seeing more and more clients wishing to use cryptocurrency to purchase property. The good news is that cryptocurrency can be used to purchase property but there are some limitations that you need to be aware of.
How to Avoid Property Fraud
We know that moving house is often a very busy and stressful time. This may leave you more susceptible to falling victim to property fraud. This guide outlines useful advice on what you can do to help protect yourself.
Thinking of turning your home into an Airbnb?
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
The process of buying a house
The conveyancing process can seem overwhelming. At Banner Jones, we believe that our simple and hassle-free approach has helped thousands of people to relocate.
Moving home during a lock down - your questions answered
In this article, our residential property expert, Kate Skelton, answers some of the more commonly asked questions about what is and what is not possible during these times; including what to do if you have already exchanged contracts but are unable to move due to the pandemic, and who to speak to if your financial situation changes in the coming months.
Tips for becoming a landlord
Help To Buy ISA - How Have They Done?
Recent government statistics have revealed that the Help to Buy ISA scheme is helping first-time buyers to get on the property ladder three years earlier than they otherwise would. The result has been calculated by looking at the average age of first-time buyers both with and without the ISAs. On average, those who use the ISA to buy their first home are three years younger than those who do not, with the median age of those using the Help to Buy ISA being 27.
Property Scam – A Cautionary Tale
It’s a troubling norm of today’s society that most people will have heard a horror story about property fraud from a family member, a colleague from work or simply reading online. Importantly, these stories need to be kept in perspective: remember, the tales of properties being rented and sold without any noteworthy problems are the ones people usually don’t bother sharing! However, it’s also worth taking heed of the negative experiences of others to ensure you do everything you can to avoid falling into similar traps.
What impact will an interest rate rise have on young homebuyers’ mortgage bills?
Recent official figures have revealed that homebuyers are being lent more money by banks than at any time since the global financial crisis a decade ago, with many of the borrowers being young people for whom stepping onto the property ladder is barely affordable. As such, billions of pounds of debt which may prove unsafe is being taken on by them at a time when interest rates are expected to rise.
5 steps to a simple house move
Is Downsizing Right For you?
There are several reasons why downsizing your home may become a serious consideration for you in the future.
The Ultimate Guide to Moving House
Check out our top tips below to ensure a smooth and easy moving day.
Chesterfield Moving Guide
Moving to Chesterfield? Check out our Chesterfield Moving Guide for tips on how to turn your house into a home.
Top 10 Tips for Moving Home
Check out our top tips below to ensure a smooth and easy moving day.
Buying and Selling Houses
Download our free guide covering everything you need to know about the process of buying or selling a residential property.
Online Privacy in the Office
Companies are within their rights to monitor the private online activities of their employees when they are in the office.
Birth Injury- The patient’s right to information
A woman recently won damages on behalf of her son for injuries sustained at his birth as a result of the alleged negligence of a consultant obstetrician and gynaecologist.
Divorce Survival Tips
We’ve enlisted the help of some local relationship counsellors in Sheffield to provide you with some survival advice to help get you through a divorce.