LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Ahli United Bank

Ahli United Bank transfer of equity: q and a’s

  • My decree absolute has gone through as is the consent order. Now I need to sort out the transfer of equity for the property and the Ahli United Bank home loan. I have asked Ahli United Bank for the transfer of equity forms. What do I do now?
  • My Ahli United Bank mortgage we jointly entered into with ex, who has agreed to come off the mortgage and put the house in my name alone. Ahli United Bank will permit the transfer of equity to my individual name. Do Ahli United Bank write my boss to check my salary?
  • After four years estranged I have decided to transfer my interest in our property to my husband who is re-mortgaging with Ahli United Bank. Can a transfer of equity be done within 28 days?
  • What is the process for having someone removed off the title documents to a house if the mortgage is with Ahli United Bank
  • My mortgage broker has suggested using their lawyer for our Transfer of Equity plus remortgage with Ahli United Bank - Is it not simpler easier to just use them?
  • I jointly own a flat in Littleborough , with a Ahli United Bank mortgage with my former partner. Him and his fiance are going to acquire my share. We had approval from Ahli United Bank to remove my name with hers. The transfer of equity needs to be done by a lawyer for Ahli United Bank (apparently). Is it possible for us to do the Land Registry change?
  • Am I best advised stop the direct debit for my mortgage with Ahli United Bank once a date for my remortgage and transfer of equity has been agreed?

Questions that your conveyancer may ask regarding your Ahli United Bank Transfer of Equity

Please inform us if you are providing any payment for the Transfer of Equity and to whom and notify us the amount?

If you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Information to consider in further to the above Ahli United Bank transfer of equity Advice :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Ahli United Bank 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 restrictions are not strictly observed 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 conveyancing solicitor will check with Ahli United Bank 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 Ahli United Bank 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 the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ahli United Bank.

Preparing the Transfer of Equity with a Ahli United Bank 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 Ahli United Bank 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 contained within 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.


Frequently asked questions relating to Ahli United Bank transfer of equity