Transfer Of Equity
Transfer Of Equity Advice
A transfer of equity is where you change the legal ownership of a property i.e. transfer of a share in the property to someone else.
In most cases a transfer of equity occurs as part of a divorce or separation settlement, but it can also be used when a parent wishes to make a gift to their child or children e.g. by adding their names to the title of the property.
There are a number of factors to consider as such a step is usually irreversible without the consent of the person receiving a share in the property. Fosters can offer advice and guidance tailored to your particular circumstances.
What should you think about before going ahead?
By transferring the whole or a part in your property to someone else you should take into account:
- The control you will lose by giving up all or part of the rights associated with ownership.
- Circumstances beyond your control e.g. if the person you transfer to divorces, dies or is made bankrupt. This will affect the future ownership of your property and in some circumstances it could be sold without your consent.
- You could lose the right to live in your property.
- If a transfer may be considered a "gift with a reservation of benefit", in other words it may not achieve the result you wish for if your sole intention is to avoid inheritance tax.
- The transfer could be considered an intentional deprivation of assets and the value taken into account in assessing any future care home fees payable.
Fosters Solicitors Team of Wills & Probate Lawyers have a wealth of experience and knowledge to assist you in relation to any legal query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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