Recently asked questions relating to Adam & Company International transfer of equity
- I am are looking to find an affordable conveyancing solicitor 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 many conveyancing practices who do transfer of equity conveyancing out there...how do I know which is best appoint?
- I am am in need of a conveyancing solicitor to deal with my transfer of equity. Adam & Company International have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
- Adam & Company International have today agreed I can take over the home loan on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage 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 planning on removing a name from a joint mortgage and the Adam & Company International need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Winchelsea
conveyancing solicitor to deal with the transfer of equity? They need to be on the Adam & Company International conveyancing panel.
- I am answering a Adam & Company International transfer of equity application and have arrived at the part concerning debts etc. There are some debts that I have been paying off over a long period, I understand that they no longer remain my credit rating. Am I obliged to set these out?
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 of you wish us to draft you Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Is it the case that one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.
Please give the details of anyone to be removed from the property title?
Has consent been obtained from Adam & Company International to the proposed transfer of equity?
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 confirm if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?
Information to consider in supporting the above Adam & Company International transfer of equity Info :
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 premises
If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of the lease. This could potentially result in 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 market value of the property at the time of completion of the transfer of equity conveyancing.
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 lawyer 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 should not be regarded as 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.