When circumstances change, families sometimes decide to transfer the ownership of their property. Elderly parents may make the decision to downsize and gift their home to one of their children, who needs space for a growing family. A transfer of equity can also happen following a divorce or separation. Another common situation is when a new partner moves into a property and the couple wants to add them as joint owner
Transfer of Equity
There are many important things to consider when you are arranging a transfer of equity. For example, there could be Capital Gains Tax to pay or Inheritance tax implications if you gift a property to one of your children. If you are not married, you may have to pay Stamp Duty Land Tax to become joint owner of your partner’s property.
Every situation is different and the rules are complicated but working closely together, we will go through everything in detail to ensure you understand exactly what you are entering into. Our role is to help you make an informed decision and ensure you go about everything in the right way.
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Lasting Powers of Attorney
A Business LPA is a legal document which allows you (while you have mental capacity) to nominate a trusted individual to look after your affairs if the worst should happen.