Examples of recent questions relating to Adam & Company International transfer of equity
- I purchased a house with my cousin in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Adam & Company International mortgage. There is a 40k difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
- As things stand I have a joint Adam & Company International mortgage with my brother and am looking into the feasibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, to enable me to buy a property with my partner. The outstanding mortgage is in the region 300k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?
- Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Adam & Company International?
- Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Adam & Company International?
- I am in the market for a trustworthy conveyancing lawyer to assist in a transfer of equity and refinance with Adam & Company International. I want to avoid being ripped off and there's various conveyancing practices who do transfer of equity conveyancing out there...who's the best?
- I am looking for a conveyancing solicitor to handle my transfer of equity. Adam & Company International are dealing with the remortgage. I thought of asking my financial adviser. I understand he will likely get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
- I jointly own a house in Blaenavon
, with a Adam & Company International mortgage with my ex partner. Him and his fiance are going to buy me out. We had approval from Adam & Company International to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Adam & Company International (supposedly). In order to save fees can I deal with the Land Registry formalities?
Questions that your lawyer may ask regarding your Adam & Company International Transfer of Equity
Has consent been obtained from Adam & Company International to the proposed transfer of equity?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Who will be responsible for the costs of the Transfer of Equity?
Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
Please provide the name(s) and addresse(s) of anyone to be removed from the property title?
Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
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
If your property is 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 violation 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 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 valuation of the property at finalisation of the transfer of equity transaction.
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 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 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.