Landbay Partners transfer of equity: q and a’s
- What can I do where I am unhappy with the conveyancer who handled our transfer of equity transaction?
- Having been a number of years estranged I have made the decision to relinquish up my share of our former home to my husband who is refinancing with Landbay Partners. Could this transfer of equity be completed in less than 28 days?
- My existing home loan is with Landbay Partners. Can I transfer equity to someone less than eighteen years old?
- Our mortgage broker has suggested using their conveyancing solicitor for the Transfer of Equity plus remortgage with Landbay Partners - Is it not simpler easier to just use them?
- In 2009 I purchased a house without my fiance’s name on the deeds. My lawyer said it is due to the fact that she is not in the loan offer with Landbay Partners. Is it possible for me to add her name on the title?
- When it comes to transfer of equity conveyancing involving refinance with Landbay Partners should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My dad passed away early last year leaving a unencumbered bungalow to me and my half brother 50:50. Having continues to reside at the premises, there was a condition in her will saying the housecould not be sold for three years after her death so he could continue to live there for a specified time frame. He now wishes to remain in the property beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to purchase my half from me?
Examples of information requested in a conveyancing solicitor questionnaire concerning a Landbay Partners Transfer of Equity
Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
General Advice to read in conjunction with the above Landbay Partners transfer of equity Advice :
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 titles
If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 varies based on the valuation of the property at the conclusion 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 lawyer 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 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.
