Landbay Partners transfer of equity example support desk enquires

• What can I do where I am unhappy with the conveyancer who undertook our transfer of equity transaction?
• Been reviewing online blogs that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and at the same time switching mortgage with Landbay Partners
• Is it sensible to cancel the direct debit for my mortgage with Landbay Partners once a date for my remortgage and transfer of equity has been set?
• I already have a home loan with Landbay Partners and am maintaining my current mortgaging but applying to have have the equity transferred to my name only so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
• As things stand I have a joint Landbay Partners mortgage with my cousin and am looking into the possibility of him taking on the whole mortgage and subtracting myself from it, to enable me to buy somewhere with my partner. The remaining mortgage is about 250k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty payable?
• My decree absolute has gone through as is the consent order. Now I must sort out the transfer of equity at the land registry and the Landbay Partners home loan. I have called Landbay Partners for the transfer of equity application. What happens next?
• I am hoping to refinance my apartment in Miles Platting changing from Coventry BS to Landbay Partners. The maisonette is jointly owned but I would like it to be in my sole name once I transfer. My husband has verbally consented to this and is happy to transfer equity but neither of us want to get a second lawyer involved.

Sample of questions in a conveyancing solicitor form concerning a Landbay Partners Transfer of Equity

Important warnings to consider in in addition to the above Landbay Partners transfer of equity Info :

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 Partners conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation of 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 cases, 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 Partners 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 Partners 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 market value of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Landbay Partners 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 Partners 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 lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided 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.