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Adam & Company International

Adam & Company International transfer of equity example support desk enquires

  • I am thinking of remortgaging my apartment in Blaenavon does my lawyer have to be on the Adam & Company International Solicitor panel. The conveyancing also involves a transfer of equity.
  • How much the typical solicitors fees 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 appointed conveyancer, Have I been over quoted?
  • What if my application doesn't meet Adam & Company International lending criteria for a transfer of equity?
  • My brother and I got a joint mortgage with Adam & Company International on a apartment about a year ago. I am now thinking of buying a apartment on my own and my friend would like to buy me out. Assuming we can agree a figure what happens next? Is there likely to be any issue with Adam & Company International with him being responsible for the total mortgage as opposed to only half of it?
  • Have recently separated from my ex of 18 years. I'm now living with my mum and dad and she wants to stay in the property and pay me off. What percentage do I get. Is it 50% of the equity after paying off the Adam & Company International home loan? I assume proper valuations are necessary but I really need to be confident that I'm getting what I am entitled to
  • I plan to refinance my apartment in Sedgefield switching from Barclays to Adam & Company International. The maisonette is currently in joint names but wish for it to be in my name only once I switch. My wife is OK with this and is willing to transfer equity but neither of us want to incur conveyancing solicitor charges.
  • Adam & Company International have today agreed I can take over the home loan on the house. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?

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

Please give the details of anyone to be added to the property title?

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 list all persons who occupy the property, their respective ages and relationships to you.

Will there 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 the same

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

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

General Advice to read in further to the above Adam & Company International transfer of equity Questions and Answers :

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, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 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 conveyancing solicitor 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 conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Adam & Company International your property may be repossessed.

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 provided on 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