I have 2 flats, both with different owners. One is a single ownership and the other one is a joint ownership. We want to exchange the ownership, is it possible? What is the process?
Answered on November 08, 2017
You can exchange the ownership to the Flats by executing an Exchange Deed and all parties holding the two properties would have to be agreeable to such exchange. If the properties are of equal value, then no other consideration would have to be paid in connection for such exchange, however if one property is valuable than the other, then the exchange deed should record that additional consideration for the valuable property has been paid to the owner thereof for executing the exchange deed.
