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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.

Examples of recent questions relating to Landbay transfer of equity

  • I am completing a Landbay transfer of equity form and have arrived at the questions concerning defaults etc. There are some debts that I have been paying off since 2007, in fact they have long since disappeared from my credit rating. Must I reveal these?
  • I own a flat in Dunnington , with a Landbay loan with my former husband. He and his fiance are going to buy me out. We had the go ahead from Landbay to remove my name with hers. The transfer of equity needs to be completed by a lawyer for Landbay (apparently). Is it possible for us to deal with the Land Registry formalities?
  • Can I apply to borrow more money from Landbay as part of a Transfer of Equity?
  • My former wife are seeking to get a lawyer in place for a remortgage with Landbay. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?
  • I got my Decree Absolute in 2012. Foolishly I never got around to transfer ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Landbay is content to transfer the full equity in my name (financial checks done). Does my ex need a lawyer?
  • Our mortgage broker has suggested using their conveyancer for my Transfer of Equity plus remortgage with Landbay - Is it not simpler better to just instruct them?
  • My Landbay home loan is in joint names with ex, he has agreed to be removed and put the house in my name alone. Landbay will permit the transfer of equity to my individual name. Do Landbay write my boss to confirm my salary?

Sample of information requested in a lawyer questionnaire 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?

Have you approached Landbay to obtain consent to the Transfer of Equity

Where you are adding a person 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 the details of anyone to be removed from the title deeds?

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

Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Information to consider 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 titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of 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 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 market value of the property at the conclusion 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 conveyancer 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 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