You might have been told that you have equity tied up in your house, and you can increase your wealth or fund your retirement by releasing it. But what exactly is equity, and what are your options when it comes to using it?
There are many reasons you might find yourself in need of legal representation. Moving home, getting a divorce, writing a will or even making an accident claim: these are all services performed by legal service providers around the UK on a daily basis.
When you own a property with someone else, you may end up wanting to transfer full ownership to either yourself or the other person. The process has a lot of moving parts, so it's best to be prepared; luckily you're in the right place to find out everything you'll need to know.
Equity release is the ability to free up the equity from your property, whilst you continue to live in it. For many people, their property is their biggest asset, but all their savings are tied up in it. Equity release allows you to withdraw either a lump sum or a monthly amount from the value of your property, in a similar way to a mortgage.
If you’re looking to remove or add a name to the deeds of your property, or ‘buy out’ an ex-partner, you’ll need a transfer of equity. Here are a few different reasons you might need a transfer of equity, how you can go about getting the process started, and what you need to do.
There are several routes you can go down if you want to transfer property to family members. The types of transfer you can do and the different taxes you might have to pay all depend on a variety of things.
Explore your main options, alongside the positives and risks of each.
If you have a mortgage on your house, transferring equity might seem complicated. There are a few extra steps you’ll need to take, but the process can actually be very straightforward. Usually, through the process, your conveyancing solicitor will be there to advise you.
A transfer of equity is when a property owner adds or removes parties from the title deeds. Ownership of the property changes, but at least one of the original owners remains on the title deed. A transfer of equity can happen, for example, if you add a child to the title deed, or remove an ex-partner from the deed.