Adam & Company International transfer of equity example support desk enquires
- Adam & Company International have today agreed I can take over the home loan on the flat. I had applied for a transfer of equity but is this a transfer of ownership of the house as well?
- I got my Decree Absolute in 2012. Foolishly I never got around to change the ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Adam & Company International is content to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?
- What do I do if I am unhappy with the conveyancing solicitor who undertook my transfer of equity conveyancing?
- I am selling my share of a flat in Woodside to my co-owners fiance, they are sticking with Adam & Company International as the the existing mortgage company. We are debating as to who must cover the legal bill for the transfer of equity. Is this normally shared or is one party liable for the fees for?
- I already have a home loan with Adam & Company International and am retaining my existing mortgaging but applying to have have the equity transferred to my name only so my ex will no longer be on the deeds. How long does the whole transfer of equity process take?
- Law month I split up with my ex of twenty years. I'm now back with my mum and dad and she wants to stay in the property and pay me off. What portion am I entitled to. Is it half of the equity after discharging the Adam & Company International home loan? I assume proper valuations are required but I would like ensure that I'm getting I am not being taken advantage of
- My dad died seven months ago leaving a unencumbered property to me and my half brother 50:50. Having continues to reside at the premises, there was a condition in her will saying the premisescould not be sold for 2 years after her passing so he could continue to live there for a specified time frame. He now wants to remain in the property beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the traditional way to acquire my half from me?
Information that may be required from your lawyer is likely to ask about your Adam & Company International Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Please provide the details of anyone to be removed from the property title?
Please list all persons who occupy the property, their respective ages and relationships to you.
Have you approached Adam & Company International to seek consent to 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?
Who will be responsible for the costs of the Transfer of Equity?
Information to consider in supporting 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 properties
Should the tenure of your property be leasehold, provisions in 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 breach 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 pursuant to 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
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 conveyancer 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 lawyer 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.
