Adam & Company transfer of equity example support desk enquires

• I bought a property with a friend five.seven years ago Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is removed the Adam & Company mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• I jointly own a flat in Wakefield , with a Adam & Company mortgage with my ex husband. He and his fiance are going to acquire my share. We had the go ahead from Adam & Company to remove my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Adam & Company (supposedly). Can we deal with the Land Registry formalities?
• I am looking for a conveyancing solicitor to deal with my transfer of equity. Adam & Company have been approached for a remortgage. I considered asking my mortgage broker. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
• What are the average conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Adam & Company - and have been quoted £250 excluding VAT by Adam & Company's approved conveyancer, Is this a reasonable price?
• Is it possible to transfer the equity held in my property with my Adam & Company mortgage?
• What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Adam & Company?
• My decree absolute has gone through as is the consent order. Now I must address the transfer of equity at the land registry and the Adam & Company home loan. I have asked Adam & Company for the transfer of equity application. What are my next steps?

Questions that your lawyer could ask in relation to your Adam & Company Transfer of Equity

Important warnings to consider in supplemental 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 titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 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 varies based on the valuation of the property at the time of completion 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 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.