Transfer of equity
A Transfer of Equity occurs where a party is either added to, or taken off, the ownership of a property.
This can happen for a number of reasons including:
- At the direction of a Court order upon divorce;
- The addition of a new owner upon marriage;
- The gift of an interest is a property; or
- Upon the advice of an accountant as part of your tax or estate planning.
Every situation is different and has potential implications for all parties involved.
A party leaving will want to ensure all liabilities associated with the property have been released. A party joining will need advice as to legal responsibilities of owning the property and also on Stamp Duty Land Tax implications.
At Wollens our property experts have significant experience in assisting clients with Transfers of Equity. Where necessary we are also able to draw upon the expertise of our Family and Trusts & Probate Teams.
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