Examples of recent questions relating to Adam & Company International transfer of equity
- I co-own a apartment in Crabtree
, with a Adam & Company International mortgage with my ex husband. He and his new partner are going to acquire my share. We had the go ahead from Adam & Company International to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Adam & Company International (supposedly). In order to save fees can I do the Land Registry formalities?
- What are my options where I am dissatisfied with the lawyer who conducted my transfer of equity conveyancing?
- I am transferring my equity in property in Warwick to my co-owners husband, they are reapplying to Adam & Company International. We are haggling as to who must cover the costs of the transfer of equity. Is this usually split or is one of us liable for the legal bill?
- Given that we have been 2 a couple of years estranged I have made the decision to give up my share of our house to my husband who is re-mortgaging with Adam & Company International. Can a transfer of equity be done inside one month?
- I got my Decree Absolute three years ago. Foolishly I never dealt with the transfer 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 (financial checks done). Does she need a solicitor?
- My Adam & Company International home loan is in joint names with ex, who has agreed to be removed and let me have the property. Adam & Company International will permit the transfer of equity to me solely. Will Adam & Company International get in touch with my company to verify my salary?
- Can you tell me how to have a person removed from the deeds to a house if the mortgage is with Adam & Company International
Sample of information requested in a conveyancer form concerning a Adam & Company International 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?
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 give the details of anyone to be removed from the property title?
Can you give the details of anyone who jointly owns the property with you?
Please provide a copy of your National Insurance Number?
Caveats to be read in in addition to 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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 finalisation 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 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 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 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.