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Adam & Company International

Common questions relating to Adam & Company International transfer of equity

  • My Adam & Company International mortgage we jointly entered into with ex, he has agreed to come off the mortgage and put the house in my name alone. Adam & Company International have consented to the transfer of equity to me solely. Do Adam & Company International call my boss to check my salary?
  • What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Adam & Company International - and have been quoted Four Hundred pounds including VAT by Adam & Company International's approved conveyancer, Is this is a good price or not?
  • My partner and I jointly own a house in Littleborough . Mortgage is with Adam & Company International. I would like to transfer full ownership to him with no exchange of money but without using a lawyer. Do you think this should be straightforward?
  • I am am in need of a conveyancing solicitor to undertake my transfer of equity. Adam & Company International are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
  • Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Adam & Company International?
  • Am I best advised stop the direct debit for my mortgage with Adam & Company International as soon as a date for my remortgage and transfer of equity has been set?
  • I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Adam & Company International. I I am fearful of by bill escalating out of control and there are lots of conveyancing organisations who do transfer of equity conveyancing to pick from...how do I know which is best appoint?

Sample of questions in a lawyer questionnaire relating to Adam & Company International 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 provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please provide a copy of your National Insurance Number?

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?

Have you approached Adam & Company International to seek consent to the Transfer of Equity

Information to consider in conjunction with 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

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 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 is dependent on the market value 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 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 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.


Frequently asked questions relating to Adam & Company International transfer of equity