Jointly owning a property isn’t always as straightforward as you might think, particularly if you aren’t married or in a civil partnership. Equally, you may want to transfer any equity in your property following a marriage or relationship breakdown or just to rearrange your finances.
It may not seem very romantic or optimistic, but if you are buying a property with someone else it is important to get advice on how to set out your ownership in case you split up in future. This is a bit like a pre-nuptial agreement, setting out who owns what and the right to buy each other out, for example.
Transferring equity, i.e. adding or removing someone from the deeds of your property, can take place at any time and for a wide range of reasons. If you own the property outright, it will be a fairly simple process, but where a mortgage is involved you will need permission from the lender.
Using an experienced solicitor can ensure the process runs as smoothly as possible and avoid any nasty surprises, such as finding out you may have to pay stamp duty or, if your property is leasehold, administration fees to the freeholder. Our expert team of conveyancing solicitors will ensure you understand every step of the process and will always agree a price with you before they start.