When personal circumstances involving your property and living arrangements change, a transfer of equity may be required. This is where someone is added to, or removed from, the ownership of a property.
There are a variety of reasons you may choose to undertake a transfer of equity.
As a property owner, you may decide to add a partner, husband or wife to the title of the property or, during a separation, you may decide that one party is to be removed from the property ownership.
The process for a transfer of equity will be different depending on each individual case and the type of transfer required.
As an example, for a transfer of equity from joint names to one name, where we are acting for the person remaining on the title to the property, the process would follow these stages:
Although we are not able to give tax advice, we would draw your attention to a couple of financial considerations which may have an impact on your transfer of equity.
You may need to pay Stamp Duty Land Tax (SDLT) when all or part of an interest in land or property is transferred to you and you give anything of monetary value in exchange. You should ensure you are aware of any SDLT liability before completion. Any SDLT payable must be paid within 14 days of completion. For more information, click here.
Capital gains tax is raised when you sell or gift an asset for more than you bought it for.
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