If you currently own a property with another person, you may be experiencing a change in circumstances that require you to switch ownership while keeping the other named party on the deed – known as a transfer of equity.
This most commonly happens in the case of marriage, divorce, separation or through gifts of property as a tax-efficient inheritance measure.
If there is no mortgage, a transfer of equity is usually straightforward. However, if you have a mortgage, there are several factors to consider, such as obtaining consent from a mortgage lender and stamp duty liability. The implications can be complex, and it is important to get professional legal advice at the outset to identify the most effective option for you.
Our residential property lawyers can guide you through the procedures of transferring equity in your property. We also deal with the preparation of transfer deeds, ensure that the requirements of the mortgage lender are satisfied and manage registration at the Land Registry.
Licence for alteration
If a tenant requests permission to modify a leasehold property, a licence for alteration shows that the landlord has given their consent to the changes.
You may be required to obtain this for structural or non-structural changes to a property, such as changing the layout of a room or a loft conversion.
The deed usually sets out the exact terms and conditions of the planned works; any changes that are prohibited; timescales for tenants to complete the work; and insurance obligations. It also outlines the statutory consents that the tenant may have to obtain before doing the work.
Landlords also need a licence for alteration to ensure that planned works will not cause any long-term impact to the property or negatively affect its value. The tenant will usually cover the cost of this.
Our specialist residential and commercial property lawyers handle licences for landlords, providing practical legal advice on all aspects of the licence. Our wide experience in this area helps ensure that any changes suit all parties and are within the law.
We aim to make the process as quick and cost-effective as possible.