|
|
Purchase
Sale
Remortgage
Wills
Transfer of Equity
Probate
Power of Attorney
Tax and Trusts
Links
|
|
Transfer of Equity
 A
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.
| |
|
|
