Common questions relating to Adam & Company transfer of equity

• I am answering a Adam & Company transfer of equity application and have arrived at the part regarding debts etc. I do some debts that I have been discharging for a number of years, in fact they no longer remain my credit score. Do I need to set these out?
• Me and my partner jointly own a flat in Miles Platting . Home loan is with Adam & Company. I want to transfer full ownership to him with no passing of money but without using a conveyancing solicitor. Do you think this should be simple?
• Do I need legal representation when doing a transfer of equity where the home loan is to remain with Adam & Company?
• Law week I separated from my wife of twenty years. I'm now living with my mum and dad and she wishes to stay in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the mortgage with Adam & Company? I assume proper valuations are required but I really need ensure that I'm getting the best deal
• My former husband are seeking to get a conveyancing solicitor lined up for a new mortgage with Adam & Company. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over UK. How necessary is it to have a conveyancer local to us?
• I am planning on removing a name from a joint mortgage and the Adam & Company require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Winchelsea lawyer to deal with the transfer of equity? They need to be on the Adam & Company conveyancing panel.
• What are my options where I am unhappy with the conveyancer who conducted my transfer of equity conveyancing?

Examples of questions in a conveyancing solicitor form concerning a Adam & Company Transfer of Equity

Information to consider in supplemental 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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach 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 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 lawyer 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 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 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 conveyancer 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.