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Adam & Company International transfer of equity example support desk enquires

  • My decree absolute is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Adam & Company International home loan. I have asked Adam & Company International for the transfer of equity application. What happens next?
  • My father passed away half a year ago leaving a unencumbered semi to me and my brother equally. He has always lived in the house, there was a provision in the will saying the housecould not be sold for 2 years after her passing so he could reside there for a specified time frame. He now wishes to remain in the house beyond the specified 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 mortgage in the usual way to purchase my share?
  • I plan to remortgage my apartment in Wakefield changing from Godiva Mortgages to Adam & Company International. The flat is jointly owned but intend for it to be in my sole name when I switch. My husband is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor fees.
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Adam & Company International mortgage account?
  • What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - moving over to Adam & Company International - and have been quoted £350 including VAT by Adam & Company International's approved conveyancing solicitor, Is this a reasonable price?
  • Given that we have been four years estranged I have made the decision to transfer my share of our former home to my husband who is re-mortgaging with Adam & Company International. Can a transfer of equity be done in four weeks?
  • Me and my former husband and I are in the market for a trustworthy conveyancing solicitor to assist in a transfer of equity and remortgage with Adam & Company International. I really don't want to get ripped off but with many conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?

Information that may be required from your conveyancing solicitor may ask in relation to your Adam & Company International Transfer of Equity

Please let us know if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

If 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?

Can you give the details of those who jointly own the premises with you?

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

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Who will be responsible for the costs of the Transfer of Equity?

General Advice to read in conjunction with the above Adam & Company International transfer of equity Advice :

Tax and Legal

There may be various 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

If your property is 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 violation of the lease. This could trigger 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 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 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 conveyancing solicitor 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 contained within 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