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What is Transfer of Equity?
This is when on the you officially add or remove someone from the Ownership or your house, it can be adding a partner to the ownership or taking one off as a result of separation or any number of other reasons.
Transfer of Equity on a Shared Ownership Property
This can be done by officially transferring the mortgage to another individual, So you have to ask to see the Original Mortgage documents and determine if they can be assumed. If it can be assumed then to transfer the equity the individual you want to transfer the equity too will officially have to assume the Original Mortgage loan. It is possible when that you may have to repay “Stamp Duty Land Tax” again when you do the transfer, this will have been paid originally but in many cases will be needed to be paid again after the equity transfer.
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