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Are you in need of a Transfer of Equity with a Adam & Company International mortgage? Failing to check that a lawyer is on the Adam & Company International list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Examples of recent questions relating to Adam & Company International transfer of equity

  • I am searching for a trustworthy conveyancing lawyer to help me sell in a transfer of equity and remortgage with Adam & Company International. I I am fearful of appointing the wrong one and there's many conveyancing practices who do transfer of equity conveyancing to pick from...who do I opt for?
  • What can I do where I am dissatisfied with the lawyer who handled my transfer of equity conveyancing?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • Can I apply to request more money from Adam & Company International as part of a Transfer of Equity?
  • My mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Adam & Company International - won’t it be easier to just use them?
  • Me and a friend got a joint mortgage with Adam & Company International on a property in 2013. I am now thinking of buying a house by myself and my friend would like to buy me out. On the basis that we can settle on a figure what happens next? Is there likely to be any problem with Adam & Company International with him being responsible for the total loan as opposed to only part of it?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Adam & Company International?

Examples of information requested in a conveyancing solicitor form concerning a Adam & Company International Transfer of Equity

Have you approached Adam & Company International to seek consent to the Transfer of Equity

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Who will be responsible for the costs of the 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?

Please give the details of those who jointly own the property with you?

Is it the case that one of the registered proprietors died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Information to consider in supporting the above Adam & Company International 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 Adam & Company International 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 have a requirement for notices to be served and that you obtain the consent of the landlord. 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 conveyancer will check with Adam & Company International 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 Adam & Company International 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 Adam & Company International.

Preparing the Transfer of Equity with a Adam & Company International 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 Adam & Company International 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.

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 Adam & Company International transfer of equity