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If you currently own a property with one or more co-owner, and you either wish to buy out that person’s interest, or they want to sell their interest to you, then this is known as a transfer of equity. In these cases we cannot act for both parties.
Where you have a mortgage on the property normally the party transferring their interest in the property will require releasing from the mortgage conditions and debt. There are three ways of doing this:
- discharging the existing mortgage from monies from your own resources
- obtaining consent from your current lender to transfer the property and making application for a further advance where required for the “buy out”
- by re-mortgaging your property and borrowing sufficient funds to discharge the existing mortgage and any surplus required for the “buy out”.
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For further information on equity transfer, please click here for our factsheets.
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