Examples of recent questions relating to Adam & Company transfer of equity

• Last year bought a property without my wife's name on the ownership paperwork. My conveyancer said it is because she was not in the loan offer with Adam & Company. Is it possible for me to add her name on the deeds?
• Will I have to pay any charges for a Transfer of Equity where the current home loan is with Adam & Company?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• My mum died early last year leaving a loan-free house to me and my half brother in equal shared. He has always lived in the premises, there was a clause in her will saying the propertycould not be sold for three years after her passing so he could continue to live there for a specified time frame. He now wants to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to purchase my share?
• Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously refinancing with Adam & Company
• I got divorced in 2010. I simply never dealt with the transfer ownership from both our names to my sole name. I am ready to do that and so is she. Transfer-of-equity is needed. Adam & Company is willing to transfer the full equity in my name (financial checks done). Does she need any legal representation?
• I am mortgaging my flat in Friern Barnet does my lawyer need to be on the Adam & Company Solicitor panel. The conveyancing also involves a transfer of equity.

Information that may be required from your conveyancing solicitor is likely to ask regarding your Adam & Company Transfer of Equity

Caveats to be read in supporting the above Adam & Company 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 conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed 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 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 market value of the property at finalisation 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 conveyancing solicitor 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.

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.