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Common questions relating to Landbay transfer of equity

  • Landbay have just agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but is this a transfer of ownership of the house on top?
  • Three years ago I purchased a property without my wife's name on the ownership paperwork. My conveyancer said it is due to the fact that she was not in the loan offer with Landbay. I'm wondering is there any way that I can put her name on the title?
  • Me and my partner jointly own a property in Dunnington . Home loan is with Landbay. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be easy to so?
  • My Landbay mortgage is in joint names with ex, who has agreed to be removed and let me have the property. Landbay will permit the transfer of equity to me solely. Will Landbay call my company to check my salary?
  • Can you tell me how to have a person removed off the deeds to a property if the home loan is with Landbay
  • I am planning on removing a name from a joint mortgage and the Landbay require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Romsey conveyancer to deal with the transfer of equity? They need to be on the Landbay conveyancing panel.
  • Me and my former partner and I are in the market for a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Landbay. I I am fearful of being overcharged and there's so many conveyancing organisations who do transfer of equity conveyancing to choose from...how do I know which one to appoint?

Examples of information requested in a conveyancing solicitor form relating to Landbay Transfer of Equity

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Who will be responsible for the costs of the Transfer of Equity?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please provide a copy of your National Insurance Number?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide the details of anyone to be added to the property title?

Information to consider in further to the above Landbay transfer of equity Questions and Answers :

Tax and Legal

There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Landbay conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Landbay This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Landbay or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Landbay your property may be repossessed.

Preparing the Transfer of Equity with a Landbay Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Landbay is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Landbay transfer of equity