Adam & Company International transfer of equity example support desk enquires
- What are the average solicitors fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Adam & Company International - and have been quoted £250 excluding VAT by Adam & Company International's approved lawyer, Have I been over quoted?
- I purchased a house with a friend in 2010 Since then, we have both got married. We are now intending to do a transfer of equity so my name is removed the Adam & Company International mortgage. There is a significant difference between the value the lender hold and what the property would sell for currently. Can you offer any advice?
- My father died early last year leaving a loan-free bungalow to me and my step brother 50:50. He has always lived in the premises, there was a clause in her will saying the housecould not be sold for three years following her death so he could reside there for a prescribed period. He now wants to remain in the premises beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to buy my equity?
- My financial adviser has suggested using their lawyer for my Transfer of Equity plus remortgage with Adam & Company International - Surely it’s easier to just use them?
- When it comes to transfer of equity conveyancing involving a remortgage with Adam & Company International should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Given that we have been a number of years apart I have opted to give up my interest in the house to my husband who is re-mortgaging with Adam & Company International. Can a transfer of equity be completed in less than 28 days?
- How do I go about adding or removing names (transfer of equity) to or from my Adam & Company International mortgage account?
Questions that your lawyer is likely to ask in relation to your Adam & Company International Transfer of Equity
Please give the details of anyone to be added to the title deeds?
Has consent been obtained from Adam & Company International to the proposed transfer of equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
Has one of the registered owners passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Who will be responsible for the costs of the Transfer of Equity?
Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?
General Advice to read in further to the above Adam & Company International transfer of equity Questions and Answers :
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, provisions in 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 trigger the freeholder taking enforcement action against you.
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 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 the time of completion 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 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.