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Ahli United Bank

Examples of recent questions relating to Ahli United Bank transfer of equity

  • Is it possible to transfer the equity held in my property with my Ahli United Bank home loan?
  • What if my application doesn't meet Ahli United Bank lending criteria for a transfer of equity?
  • Is it possible to apply to request a further advance from Ahli United Bank as part of a Transfer of Equity?
  • How do I go about adding or subtracting names (transfer of equity) to or from my Ahli United Bank mortgage account?
  • My decree absolute has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Ahli United Bank home loan. I have called Ahli United Bank for the transfer of equity forms. What happens next?
  • Ahli United Bank yesterday agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds as well?
  • I am in the process of removing a name from a joint mortgage and the Ahli United Bank need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the Ahli United Bank conveyancing panel.

Information that may be required from your lawyer is likely to ask about your Ahli United Bank Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please list all persons who occupy the property, their respective ages and relationships to you.

Caveats to be read in conjunction with the above Ahli United Bank transfer of equity Questions and Answers :

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 properties

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
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 conveyancing solicitor 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 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 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