<p style="text-align: justify">There are a number of processes and factors involved when you are dealing with property. Whether you are the buyer or the seller, you need to do a bit of research on a few things before you actually start looking for a property. Conveyancing is one such process. Transfer of equity is another.</p>
<p style="text-align: justify">Today let us look into what transfer of equity is, why it may be necessary for you and how to get through the process conveniently. This should article give you a brief idea on the process and help you get through it smoothly in the future.</p>
<h2 style="text-align: justify"><strong>What is transfer of equity?</strong></h2>
<p style="text-align: justify">When there is equity associated with a property, the change of ownership of that equity is termed as the transfer of equity. There can be various reasons for initiating such a transfer.Basically, when a property owner is able to work themselves out of the mortgage on their property, they need to go through this process.</p>
<p style="text-align: justify">The transfer may take place when the collateral associated with the mortgage has been freed. The property owner will also need to initiate this process when they add a new mortgage on a property.</p>
<h2 style="text-align: justify"><strong>Why go for an equity transfer?</strong></h2>
<p style="text-align: justify">Ideally, there are three to four scenarios when a property owner needs to initiate an equity transfer. First of all, the person may be adding a partner to their existing mortgage, which generally occurs in case of marriages and business alliances. The individual assets of the partners are combined in such cases.</p>
<p style="text-align: justify">Secondly, there may be a situation where two partners associated with a mortgage want to separate. Such a situation may arise after a divorce or a disagreement between two business partners.</p>
<p style="text-align: justify">Thirdly, two or more parties may want to cancel the combined mortgage when there is a problem between the partners. Fourthly, if the mortgage requires more assets than a person has already associated with it, then they may want to add another partner to it.</p>
<p style="text-align: justify">There can be other financial reasons as well when a partner may want to opt out of an existing mortgage.</p>
<h2 style="text-align: justify"><strong>How does the process work?</strong></h2>
<p style="text-align: justify">The process of transfer of equity is quite simple. Once the parties are ready to join or separate from a mortgage, they need to sit down together, formulate and agree to a few legal documents, also known as transfer deeds and have a witness to vouch for the whole process.</p>
<p style="text-align: justify">It is a good practice to initiate and go through this process in the presence of a solicitor specialised in such cases. In cases where an outstanding mortgage amount remains, the party who is getting the ownership transferred to their name needs to re-mortgage or apply for a second mortgage. The released party sees no more obligations with the mortgage once the transfer has been completed.</p>
<h2 style="text-align: justify"><strong>Looking to work with a solicitor</strong></h2>
<p style="text-align: justify">When you are looking to work with a professional and experienced solicitor to help you through the process, there are a couple of things that you need to consider. Firstly, always choose to work with a professional that has enough experience in handling cases related to transfer of equity.</p>
<p style="text-align: justify">Secondly, consult websites like Best Conveyancing Quotes to understand the actual costs involved in the process and whether the solicitor is charging you more than what they should be.</p>
<p style="text-align: justify">John is a short stories author as well as a regular columnist on various blogs specialising on finance. John shares a brief discussion on transfer of equity in today’s article.</p>

All You Needed To Know About Transfer Of Equity
