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Adam & Company International

Common questions relating to Adam & Company International transfer of equity

  • What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Adam & Company International - and have been quoted Four Hundred pounds including VAT by Adam & Company International's approved conveyancing solicitor, Is this a reasonable price?
  • I got divorced in 2011. Foolishly I never dealt with the transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Adam & Company International is willing to transfer the full equity in my name (affordability checks done). Does my ex need a solicitor?
  • My current home loan is with Adam & Company International. Can I transfer equity to someone under 18 years old?
  • I am transferring my equity in house in Birmingham to the other co-owners fiance, they are sticking with Adam & Company International being the the existing mortgage company. We are haggling as to who should pay the charges for the transfer of equity. Should this be shared or is one of us obliged to cover the legal bill?
  • Me and a friend got a joint mortgage with Adam & Company International on a flat about a year ago. I am now looking to get a house on my own and my friend would like to buy me out. Assuming we can agree an amount what happens next? Would there be any potential concerns with Adam & Company International with him being solely liable 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 mortgage is to remain with Adam & Company International?
  • Is there such a thing a transfer of equity stamp duty calculator?

Information that may be required from your conveyancing solicitor could ask in relation to your Adam & Company International Transfer of Equity

Is the transfer of equity subject to a court order? If yes please supply a copy

Who will be responsible for the costs of the Transfer of Equity?

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what sums

Please provide a copy of your National Insurance Number?

General Advice to read in supplemental the above Adam & Company International transfer of equity information :

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 titles

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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 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 market value of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancing solicitor 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 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 Adam & Company International transfer of equity