Examples of recent questions relating to Adam & Company International transfer of equity
- Me and my partner jointly own a house in Dunnington
. Home loan is with Adam & Company International. I want to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be easy to so?
- I am in the process of removing a name from a joint mortgage and the Adam & Company International require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Sedgefield
conveyancer to deal with the transfer of equity? They need to be on the Adam & Company International conveyancing panel.
- I am hoping to refinance my flat in Crabtree
switching from Leeds Building Society to Adam & Company International. The apartment is jointly owned but wish for it to be in my name only once I transfer. My husband has agreed to this and is happy to transfer equity but neither of us want to incur conveyancer fees.
- My ex are looking to get a conveyancing solicitor in place for a refinance with Adam & Company International. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over England and Wales. Is it important to have a conveyancing solicitor local to us?
- I am completing a Adam & Company International transfer of equity form and have arrived at the questions that asks about defaults etc. I do some debts that I have been clearing over a long period, in fact they have long since disappeared from my credit score. Must I set these out?
- I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
- Adam & Company International have just agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house in addition?
Sample of questions in a lawyer questionnaire relating to Adam & Company International Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please give the details of anyone who jointly owns the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please provide the details of anyone to be extracted from the title deeds?
Please give the details of anyone to be added to the property title?
Who will be responsible for the costs of the Transfer of Equity?
General Advice to read in further to 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 premises
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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 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 is dependent 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 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.
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.