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Adam & Company International

Examples of recent questions relating to Adam & Company International transfer of equity

  • My current home loan is with Adam & Company International. Can I transfer equity to someone who is not yet eighteen years old?
  • Me and my partner co-own a flat in Dunnington . Mortgage is with Adam & Company International. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What is the process for having someone removed from the deeds to a property where the home loan is with Adam & Company International
  • My former wife are planning to get a conveyancer lined up for a remortgage with Adam & Company International. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. How necessary is it to instruct a lawyer local to us?
  • I recently bought a house without my partner's name on the title documents. My conveyancing solicitor said it is due to the fact that she is not in the loan offer with Adam & Company International. Is it possible for me to add her name on the title?
  • My wife and myself jointly own a BTL. I am a higher rate tax payer. Preferably I would like to complete a transfer of equity to her sole name in order reduce our tax on rental income. If Adam & Company International are fine with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.

Questions that your conveyancing solicitor may ask regarding your Adam & Company International Transfer of Equity

Please give the details of anyone to be extracted from the title deeds?

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

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 lawyer 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.
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.

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