Examples of recent questions relating to Landbay Partners transfer of equity

• What if my application doesn't meet Landbay Partners lending criteria for a transfer of equity?
• What do I need to do when it comes adding or removing names (transfer of equity) to or from my Landbay Partners mortgage account?
• When it comes to transfer of equity conveyancing involving refinance with Landbay Partners should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• I am answering a Landbay Partners transfer of equity application and have arrived at the part that asks about defaults etc. There are some debts that I have been discharging since 2009, I understand that they no longer remain my credit records. Must I reveal these?
• My former wife are looking to get a lawyer lined up for a remortgage with Landbay Partners. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over the country. Is it important to instruct a conveyancing solicitor local to us?
• I recently purchased a flat without my partner'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 Partners. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
• My decree absolute is through as is the consent order. Now I need to sort out the transfer of equity at the HMLR and the Landbay Partners home loan. I have called Landbay Partners for the transfer of equity forms. What do I do now?

Sample of questions in a conveyancer form concerning a Landbay Partners Transfer of Equity

Caveats to be read in further 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 properties

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 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 the time of completion of the transfer of equity conveyancing.

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 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 should not be regarded as 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.