Transfer of Equity
Equity is the difference between the value of the property and any outstanding mortgages. A transfer of equity occurs when one or more joint owners of a property wish to transfer any interest that they have in that property to another of those co-owners.
The most common reason for requiring a transfer of equity would be upon 
divorce or when co-habitees decide to separate. When a relationship comes to an end the parties will usually want to finalise arrangements with regards to any property they may have jointly owned to reflect the change of circumstances. They may wish to sell the property and divide the net proceeds, but one partner may wish to continue living in the property and in that case they will normally want the property transferred into their sole name.
If the property was subject to a mortgage which is intended to continue after the transfer of equity it will be necessary to obtain the permission of the lender, who may not be willing to continue funding the loan, unless the transferee has sufficient income to pay the mortgage installments.
In that case the lender may insist that the other former joint owner also remains liable on the mortgage after transferring the equity. Alternatively some borrowers may use this opportunity to arrange a new mortgage with a different lender.