Sample questions relating to Adam & Company transfer of equity

• I am disposing of my equity in house in Woodside to my co-owners husband, they are sticking with Adam & Company as the the existing lender. We are haggling as to who must cover the fees for the transfer of equity. Is this usually shared or is one of us obliged to cover the legal bill?
• I got my Decree Absolute in 2010. For some reason I never dealt with the transfer ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Adam & Company is willing to transfer the property and loan in my name (affordability checks done). Does my ex need any legal representation?
• I am in the process of removing a name from a joint mortgage and the Adam & Company need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Wakefield lawyer to deal with the transfer of equity? They need to be on the Adam & Company conveyancing panel.
• I recently bought a house without my wife's name on the deeds. My conveyancing solicitor claimed it is due to the fact that she was not in the mortgage with Adam & Company. Is it possible for me to add her name on the documents at HMLR?
• Law week I separated from my partner of thirty years. I'm now back with my parents again and she wants to stay in the property and buy me out. What portion am I entitled to. Is it 50% of the equity after discharging the Adam & Company home loan? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
• Is it possible to apply to borrow more money from Adam & Company as part of a Transfer of Equity?
• Is it possible to transfer the equity held in my property with my Adam & Company mortgage?

Questions that your lawyer is likely to ask regarding your Adam & Company Transfer of Equity

Important warnings 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 premises

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to 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 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a Adam & Company 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 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 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.