LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Landbay Partners

Recently asked questions relating to Landbay Partners transfer of equity

  • What is the process for having someone removed off the deeds to a house if the mortgage is with Landbay Partners
  • I bought a flat with my brother five.seven years ago Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the Landbay Partners mortgage. There is a meaningful difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • I got my Decree Absolute in 2010. Foolishly I never dealt with the 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 presumably the way forward. Landbay Partners is willing to transfer the property and loan in my name (affordability checks done). Does she need a lawyer?
  • Will I incur any charges for a Transfer of Equity where the current mortgage is with Landbay Partners?
  • My partner and I jointly own a flat in Rye . Home loan is with Landbay Partners. I would like to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be easy to so?
  • My father died early last year leaving a loan-free semi to me and my step brother equally. Having continues to reside at the property, there was a provision in the will saying the premisescould not be sold for three years after her death so he could continue to live there for a prescribed period. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to acquire my half from me?
  • Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time switching mortgage with Landbay Partners

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

Would you like us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

Please inform us where you are providing any payment for the Transfer of Equity and to whom and give details of any such sums?

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

Tax and Legal

There may be various 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 premises

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of 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 as a result of 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 conveyancing solicitor 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 transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landbay Partners.

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 conveyancing solicitor 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 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 Partners transfer of equity