0845 458 6291

info@averyknights.com

Transfer

If you currently own a property with one or more individuals, and you either wish to buy out that person’s interest, or they want to sell their interest to you or on individual simply wants to transfer their share to another individual; then this is known as a Transfer of Equity.

If you have a mortgage on the property normally the party transferring their interest in the property will require releasing from their mortgage conditions and debt. There are three ways of doing this:

  • Paying off the current mortgage from monies from your own resources
  • Obtaining consent from your current lender to transfer the property
  • By re-mortgaging your property

We strongly advise that a formal valuation is obtained to ensure all parties are aware of the value of their share and any payments made are reasonable. There is never any guarantee that the valuation will be achieved on an open market or that the value may decrease.

Feel free to contact our offices on 0845 458 6291 or email us at info@averyknights.com; whatever the nature of your query we will be more than happy to assist.