Landmark transfer of equity: q and a’s
- My partner and I have 50:50 shares in a investment property. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity to her sole name with a view to mitigate tax on rental income. Assuming Landmark are content with this the legal fees are inexpensive. However what happens when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
- Me and my partner jointly own a flat in Witham
. Home loan is with Landmark. I want to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be simple?
- I am in the process of removing a name from a joint mortgage and the Landmark need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Wakefield
lawyer to deal with the transfer of equity? They need to be on the Landmark conveyancing panel.
- Will I have to pay any fees for a Transfer of Equity where the existing home loan is with Landmark?
- I am am in need of a lawyer to undertake my transfer of equity. Landmark 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?
- In 2009 I purchased a apartment without my fiance’s name on the title documents. My conveyancer claimed it is due to the fact that she is not in the mortgage with Landmark. Is it possible for me to put her name on the title?
- My former husband are looking to get a lawyer lined up for a remortgage with Landmark. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Do we need to have a lawyer local to us?
Sample of questions in a conveyancing solicitor form relating to Landmark Transfer of Equity
Where you 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?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm if you are making any payment for the Transfer of Equity and to whom and disclose the amount?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Please provide a copy of your National Insurance Number?
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?
General Advice to read in supporting the above Landmark 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 Landmark 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 landlord. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 conveyancer will check with Landmark 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 Landmark 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 valuation 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 Landmark.
Preparing the Transfer of Equity with a Landmark 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 Landmark 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.