Examples of recent questions relating to Landbay Partners transfer of equity

• My decree absolute has gone through as is the consent order. Now I need to sort out the transfer of equity at the land registry and the Landbay Partners home loan. I have asked Landbay Partners for the transfer of equity forms. What happens next?
• I am completing a Landbay Partners transfer of equity request and have arrived at the section regarding debts etc. There are some debts that I have been discharging over a long period, in fact they have long since disappeared from my credit records. Must I set these out?
• I am trying to find a lawyer to deal with my transfer of equity. Landbay Partners are dealing with the remortgage. I thought of asking my mortgage broker. I am lead to believe he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
• What if my application doesn't meet Landbay Partners lending criteria for a transfer of equity?
• My mum passed away early last year leaving a mortgage-free bungalow to me and my brother equally. Having continues to reside at the property, there was a clause in her will saying the housecould not be sold for three years following her death so he could reside there for a prescribed period. He now says he would like to remain in the property beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the usual way to purchase my share?
• Can you tell me how to have a person removed from the deeds to a house where the home loan is with Landbay Partners
• I recently purchased a flat without my fiance’s name on the title documents. My conveyancer advised it is because she is not in the loan offer with Landbay Partners. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?

Examples of information requested in a conveyancing solicitor form concerning a Landbay Partners Transfer of Equity

Caveats to be read in supplemental the above Landbay Partners transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 lawyer 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 finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Landbay Partners 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 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 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.