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Landbay transfer of equity example support desk enquires

  • Is there such a thing a transfer of equity stamp duty calculator?
  • I intend to remortgage my apartment in Miles Platting switching from Skipton to Landbay. The apartment is currently in joint names but I would like it to be in my name only once I switch. My wife has verbally consented to this and is happy to sign a form but neither of us want to incur conveyancer charges.
  • My ex are planning to get a lawyer lined up for a refinance with Landbay. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over the country. How necessary is it to instruct a conveyancer local to us?
  • How and when do I incur stamp duty payable for the transfer of equity in my property in my name alone which is happening simultaneously with a remortgage with Landbay?
  • I already have a home loan with Landbay and am keeping my existing mortgaging but applying to have it in my name alone so my former husband won't be on it any longer. How long can it take for the forms to be processed?
  • Me and a friend got a joint mortgage with Landbay on a property about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. Once we have agreed an amount what are the next steps? Is there likely to be any problem with Landbay with him being responsible for the total loan as opposed to only part of it?
  • What is the process for adding or removing names (transfer of equity) to or from my Landbay mortgage account?

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

Please confirm if you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Is the transfer of equity subject to a court order? If yes please supply a copy

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

Please provide the details of anyone to be extracted from the title deeds?

General Advice to read in conjunction with the above Landbay transfer of equity information :

Tax and Legal

There are numerous potential 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

Should the tenure of your property be leasehold, the lease may require 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 trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 conveyancing solicitor 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
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 conveyancing solicitor 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.

Content on 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