A transfer of equity/ownership is a transaction in which legal ownership of a property changes hands, often resulting from a change in circumstances.
Typically more straightforward than a sale or purchase, involved parties have prior knowledge of the property, diminishing the need for a contract.
Examples where Transfers of Equity/Ownership apply include:
- Court order
- Cohabitation
- Internal family transfers
- The property is gifted
Stamp Duty Land Tax (STLD)
Of consideration during Transfers of equity and ownership, transfers of land or property depending on the type of transfer, your marital status and other factors could result in contributions to stamp duty land tax. Please contact us for further advice.
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