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

Sample questions relating to Landbay transfer of equity

  • My former husband are looking to get a lawyer in place for a new mortgage with Landbay. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over UK. Do we need to appoint a conveyancing solicitor local to us?
  • Me and a friend got a joint mortgage with Landbay on a property in 2013. I am now thinking of buying a property on my own and my friend would like to buy me out. Assuming we can agree a figure where do we go? Would there be any potential problem with Landbay with him being responsible for the total loan as opposed to only part of it?
  • I am selling my equity in property in Woodside to the other co-owners fiance, they are sticking with Landbay as the the existing mortgage company. We are haggling as to who should cover the legal bill for the transfer of equity. Should this be shared or is one of us obliged to cover the costs of?
  • Given that we have been 4 years apart I have decided to give up my share of our apartment to my husband who is re-mortgaging with Landbay. Can a transfer of equity be completed inside four weeks?
  • I already have a home loan with Landbay and am maintaining my existing mortgaging but seeking to have have the equity transferred to my name only so my former partner won't be on it any longer. How long do Landbay take to process the application?
  • At what point do I incur stamp duty payable for the transfer of equity in my house in my sole name which is happening simultaneously with a switching mortgage with Landbay?
  • I plan to remortgage my maisonette in Winchelsea moving from Barnsley BS to Landbay. The maisonette is currently in joint names but wish for it to be in my sole name when I transfer. My husband is OK with this and is happy to transfer equity but neither of us want to incur conveyancing solicitor charges.

Examples of information requested in a lawyer form relating to Landbay Transfer of Equity

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

If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

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?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

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

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 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 the conclusion 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 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 conveyancing solicitor 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