Adam & Company transfer of equity example support desk enquires

• What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I need to transfer equity and refinance - moving over to Adam & Company - and have been quoted £250 including VAT by Adam & Company's appointed conveyancer, Have I been over quoted?
• My decree absolute is through as is the consent order. Now I have to deal with the transfer of equity for the property and the Adam & Company home loan. I have contacted Adam & Company for the transfer of equity forms. What do I do now?
• Will I incur any fees for a Transfer of Equity where the existing home loan is with Adam & Company?
• My former husband are planning to get a lawyer lined up for a refinance with Adam & Company. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over the country. How necessary is it to instruct a conveyancer local to us?
• I am transferring my share of a house in Hendon to my co-owners husband, they are sticking with Adam & Company as the the existing lender. We are in heated discussion as to who must cover the legal bill for the transfer of equity. Is this normally shared or is one party liable for the legal bill?
• How and when do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my home in my name alone which is taking place simultaneously with a refinancing with Adam & Company?
• I got divorced two years ago. For some reason I never got around to change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Adam & Company is content to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?

Sample of information requested in a lawyer form concerning a Adam & Company Transfer of Equity

Information to consider in supporting the above Adam & Company transfer of equity information :

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 conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 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 conveyancing solicitor will check with Adam & Company 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 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 conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Adam & Company 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 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 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.