Transfer of Property Equity
Do you want to transfer your share of a property to a partner or a loved one? Do you want to gift your property to a relative. Are you going through a separation and you need to transfer you share?
Whether it’s a transfer of equity or a deed of gift we are here to help. Transfers may appear to be very simple, but if done incorrectly the transfer may be ineffective so it is best instruct a solicitor you can trust.
We will take your instructions to understand your intentions and then draft the relevant Transfer Deed and go through with you all of the steps involved. We will then register the Transfer at the Land Registry.
If you think we can help, call our conveyancing team on 0161 749 9606.
Guide: Declaration of Solvency
Properties or shares in property can often be transferred for no money or for a small amount of money. This may be because a father is gifting their property to their son or as a result of a divorce one person is receiving the other share. These transfers are considered as ‘Transfers at an undervalue’ and are distinguished in law from ‘market value’ transactions.
There may be other reasons why a person would want to transfer a property, for example they are in financial difficulties and are going bankrupt. The Insolvency Act allows in certain circumstances to set aside a transaction. This means that the transaction never took place. If a person is bankrupt and transfers the property, the transaction is automatically void. But the Insolvency Act also gives the power to set aside a transfer that took place up to 5 years after Completion.
As a person receiving the property, you may wish for the owner who is transferring the property to you to enter in to a Declaration of Solvency, confirming that they are solvent at the time of Completion. At the same time an indemnity insurance can be put in place to protect further your financial interests.
It could be disastrous if you have to move out of your new home and it is important that all options are considered. A Declaration of Solvency may or may not be right for you, and that is why we are here to give you the best advice possible.