Information for Homeowners
If you’re a Shared Owner, this section is home to useful information for you.
Adding or removing a Shared Owner to your lease (Transfer of Equity)
Adding or removing someone from your lease is known as a Transfer of Equity. This occurs when an existing owner of a property either adds or removes one or more people to/from the title (ownership) of the property.
This can happen for several reasons, such as when a couple gets married or separates. If you do decide to do this, you are responsible for covering the costs of this process, regardless of whether you are adding, removing or replacing one of the owners. Fees apply.
Complete a Transfer of Equity Form
If you are a Shared Owner and decide to proceed with a Transfer of Equity we would need to approve and agree to this transaction, approve any incoming applicants (applicant joining must qualify for Shared Ownership) and we will also need to approve a re-mortgage.
A Transfer of Equity may be necessary in the following circumstances:
- Adding a partner or spouse to the title
- When separating from a partner or spouse
- Transferring equity from one partner or spouse to another
- Taking a name off or adding a name to the mortgage
