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Are you in need of a Transfer of Equity with a Landbay mortgage? Failing to check that a lawyer is on the Landbay list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Landbay transfer of equity

  • My mum died half a year ago leaving a unencumbered property to me and my half brother equally. Having continues to reside at the house, there was a clause in the will saying the propertycould not be sold for three years after her death so he could continue to live there for a specified time frame. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to buy my equity?
  • I am hoping to refinance my home in Littleborough moving from Nationwide to Landbay. The apartment is currently in joint names but intend for it to be in my name only once I switch. My wife has agreed to this and is willing to sign a form but neither of us want to incur lawyer charges.
  • Can you tell me how to have someone removed off the deeds to a property if the mortgage is with Landbay
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Landbay?
  • I already have a home loan with Landbay and am keeping my current mortgaging but applying to have have the equity transferred to my name alone so my former wife will no longer be on the title. How long can it take for the paperwork to be processed?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Landbay mortgage account?
  • My Landbay mortgage we jointly entered into with ex, he has agreed to be removed and let me have the property. Landbay will permit the transfer of equity to me solely. Will Landbay get in touch with my company to confirm my salary?

Sample of questions in a conveyancer questionnaire concerning a Landbay Transfer of Equity

Can you give the details of anyone who jointly owns the premises with you?

Please provide a copy of your National Insurance Number?

Please let us know if you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Has consent been obtained from Landbay to the proposed 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.

Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

General Advice to read in further to the above Landbay transfer of equity Advice :

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 premises

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 conditions are not complied with you may be in violation 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 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 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 varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landbay.

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 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.


Frequently asked questions relating to Landbay transfer of equity