Transferring ownership of a property does not have to be a complicated process. We take a look at the various situations that can require the transfer of property ownership and the process involved.
Reasons to Transfer Property Ownership
Whilst you can remove names from the deeds of a property, you can also add them.
Some of the most common reasons to add or remove someone to the deeds of a property are marriage or divorce or separation, respectively.
Of course, there are various other situations which may require this change, including if you have purchased with a friend who then subsequently wants to relinquish ownership. Furthermore, you may have the name of a family member on the deeds who helped you get on the property ladder, and now wish to remove them so the property is solely in your ownership.
There is Still a Mortgage on the Property
Where a mortgage still exists on a property, you will need to seek the permission of the lender, before ownership can be transferred. The lender will want to ensure that the party that will remain on the mortgage can afford to pay it. The mortgage lender may charge an administrative fee to carry out the checks and the home may be required to be re-valued.
Will I Need To Pay Stamp Duty?
It is not necessary to pay stamp duty when divorce is the reason behind the transfer of equity. Stamp duty is payable in certain circumstances, including when money changes hands or there is still a mortgage on the property.
Broadbents Solicitors LLP: Conveyancing
If you require a solicitor to guide you through the transfer of property ownership, whether you are adding or removing a name to the deeds, talk to us today.