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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 29199
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I wish to transfer my equitable title to the co-owner of a

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I wish to transfer my equitable title to the co-owner of a property. The property is held as tenants in common and my equitable benefit is subject to a Restriction K. My reading of the Restriction is that notice of the transfer of equity merely has to be given to the holder of the Restriction within 2 weeks.
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Nothing yet
JA: Have you talked to a lawyer about this?
Customer: not yet
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No, that about sums it up

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

for the avoidance of any doubt, from what you describe, you presently co-own a property with another individual either in equal shares or in unequal shares, and you now wish to transfer your entire interest of the property to your co-owner so they will become the sole legal and equitable owner of the property. Is that accurate please?

Customer: replied 6 days ago.
Hi Joshua, only the equitable interest will transfer, I will for the time retain a bare legal interest.
Customer: replied 6 days ago.
In respect of the shares, equal or unequal, this was never decided on although there is evidence that I had a minimal equitable interest

thank you. If there was no specific agreement as regards ***** ***** of shares each of you would own in the property, then the starting presumption would be that each of you own a 50% share in the property and it would be for the party that wishes to depart from this presumption to demonstrate evidence to substantiate otherwise.

The assumption there is no dispute about this and given your intention to transfer your equity share to your co-owner, I would assume this would not be the case, then the process for assigning your equitable share is straightforward.

it is not entirely clear to me why would have a form K restriction as this form of restriction relates to individuals who have the benefit of the charging order from court however the restriction is of little consequences you do not wish to make change to the legal title and therefore the land registry do not need to be involved as the land registry do not hold records as such of equitable ownership other than indirectly.

as you do not wish to make any changes to the legal title, in order to transfer the benefit of your equitable title to your co-owner,, you would need to consider executing a bare trust deed in favour of your co-owner setting out that you transfer your entire equitable interest in the property to your co-owner with the intention that they will then own 100% of the equity in the property. You may need to instruct a solicitor to assist you with preparation of the bare trust deed

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I hope the above answers all your questions. If there is anything else I can help with please reply back to me otherwise thank you very much for visiting JustAnswer and I hope we will see you again in the future.