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

• Can I transfer the equity held in my property with my Adam & Company International mortgage?
• I already have a mortgage with Adam & Company International and am maintaining my current mortgaging but seeking to have have the equity transferred to my sole name so my ex will no longer be on the deeds. How long does the whole transfer of equity process take?
• I am are seeking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Adam & Company International. I really don't want to get ripped off but with plenty conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which is best select?
• I got divorced in 2011. For some reason I never dealt with the transfer ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Adam & Company International is willing to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?
• Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Adam & Company International
• I am considering remortgaging my flat in Ampthill does my lawyer have to be on the Adam & Company International Solicitor panel. The conveyancing also involves a transfer of equity.
• I own a property in Winchelsea , with a Adam & Company International mortgage with my former partner. He and his new partner are going to buy me out. We had the go ahead from Adam & Company International to replace my name with hers. The transfer of equity needs to be done by a lawyer for Adam & Company International (supposedly). In order to save fees can I do the Land Registry formalities?

Sample of questions in a lawyer questionnaire relating to Adam & Company International Transfer of Equity

Important warnings to consider in supporting the above Adam & Company International transfer of equity Questions and Answers :

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, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 finalisation of the transfer of equity conveyancing.

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.

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.