What is a transfer of equity?

According to irwinmitchell.com, a transfer of equity is a change in the co-ownership status of a property. This can be arranged for a few different reasons, for example, adding a spouse to a property after a marriage or remarriage, removing an ex-partner after a divorce and changing the proportion of the shares owned by both of the owners of a jointly owned property or buying out a co-owners share of the property.

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But firstly, what is equity? In financial terms, equity is the ownership of assets, not including the sum of mortgage. To start the basic process of the transfer of equity, the official deed of the property is needed so that any restrictions can be checked as well as seeing if there are any mortgages on the property. This then goes onto the next step. The existing and new owners of the property can sign the transfer papers only if there are no mortgages on the property. However, if there is no mortgage on the property, consent from the mortgage lender is needed for the transfer to continue. This is only necessary as adding another person on the title means they will become equally responsible for the mortgage.

On the other hand, on the occasion where the mortgage lender does not agree to the transfer, the mortgage will need to be repaid before the transfer can continue.

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