Also known as a transfer of equity and used in a variety of circumstances, talk to our team if you think you need advice.
If you have a mortgage on the property, you will need to speak to your lender to get their approval to the Transfer. This approval can be given in different ways, but it may entail taking out a new mortgage in the names of the new property owners.
Some Transfers of Ownership attract Stamp Duty Land Tax. HMRC consider the ‘value’ of a Transfer of Ownership to be the total of any payment being made for the share of the property being transferred and 50% of any mortgage which is currently in place.
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