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Adam & Company International

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

  • After 3 years estranged I have decided to transfer my share of our property to my husband who is refinancing with Adam & Company International. Can a transfer of equity be done in less than 28 days?
  • Adam & Company International yesterday agreed I can take over the home loan on the house. I have applied for a transfer of equity but is this a transfer of ownership of the house in addition?
  • My mum died early last year leaving a loan-free semi to me and my half brother 50:50. Having continues to reside at the property, there was a clause in the will saying the premisescould not be sold for 24 months after her passing so he could reside there for a while. He now wishes to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the usual way to buy my half from me?
  • Is it possible to transfer the equity held in my property with my Adam & Company International mortgage?
  • I recently bought a flat without my partner's name on the deeds. My lawyer claimed it is due to the fact that she is not in the loan offer with Adam & Company International. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • I understand we would need at least AP1 and TR1. Is this true?
  • Can I apply to request a further advance from Adam & Company International as part of a Transfer of Equity?

Questions that your lawyer could ask regarding your Adam & Company International Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Is the transfer of equity subject to a court order? If yes please supply a copy

If 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?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with 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” Questionnaire.

Caveats to be read in supporting the above Adam & Company International transfer of equity Advice :

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, 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 violation of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 is dependent on the market value of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Adam & Company International your property may be repossessed.

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.

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