  
Jointly-Owned Property
Are you facing unexpected and unwanted complications following a marital or non-marital break-up? One of the consequences of a separation may be that you have to divide your jointly-owned property or transfer equity. 
Sometimes couples agree to sell their house and simply divide the profits, but if the property is a family home, they often decide that one of them will buy out the other's share and maintain ownership. The difference between the amount of your outstanding mortgage and the value of your house is called equity, and one partner buying out the other's share is called transfer of equity.
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For further information
please phone
023 92 265251 |
Re-arranging Personal Finances
Both owners first have to reach an agreement on the value of the property, and the partner who wishes to purchase the other's share will have to re-arrange finance. This can either be done through the existing mortgage lender, who will approve the transfer if they are satisfied that the buyer can afford the repayments.
Transfer & Remortgage
The buyer may decide that it will be more profitable to remortgage the house, and take advantage of a better rate of interest. This process can be combined with the transfer of equity and is known as transfer and remortgage.
A large percentage mortgage may equal no equity, which means that the outgoing owner receives no payment, but is simply released from the commitment of the mortgage contract.
Expert Financial Advice
The break-up of a relationship is always an emotional time, and the additional stress of financial decisions is the last thing you want to be worried about.
At Gray Purdue Solicitors our expert legal advisers can guide you through an otherwise distressing process with clear and comprehensive advice that we will tailor to your individual circumstances.
Our client manager, Michelle Robins, is available to clients so that your conveyancer
is free to spend more time on the given area of expertise. She will keep you
fully updated on all progress and be available to answer any questions you may
have. Direct - 023 9224 6732
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