Examples of recent questions relating to Ahli United Bank transfer of equity
- I am disposing of my share of a flat in Hendon to my co-owners fiance, they are reapplying to Ahli United Bank. We are in heated discussion as to who must cover the legal bill for the transfer of equity. Is this normally shared or is one of us liable for the fees for?
- What can I do where I am dissatisfied with the lawyer who handled my transfer of equity transaction?
- I am in the process of mortgaging my home in Crabtree
does my lawyer need to be on the Ahli United Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
- I currently have a joint Ahli United Bank mortgage with my cousin and am looking into the option of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to purchase a place with my fiance. The remaining mortgage is approx 175k, and the property value is in the region 500k. Is this a transfer of equity? Is stamp duty due?
- Been looking at consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Ahli United Bank
- I am am in need of a conveyancer to undertake my transfer of equity. Ahli United Bank are dealing with the remortgage. I considered asking my financial adviser. I am lead to believe he may get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
- I am hoping to remortgage my flat in Dunnington
moving from Natwest to Ahli United Bank. The home is currently in joint names but propose for it to be in my name only when I switch. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
Questions that your lawyer could ask regarding your Ahli United Bank Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please clarify if you are providing any payment for the Transfer of Equity and to whom and notify us the amount?
We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Who will be responsible for the costs of the Transfer of Equity?
Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
Is the transfer of equity subject to a court order? If yes please supply a copy
Caveats to be read in supporting the above Ahli United Bank transfer of equity Info :
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 Ahli United Bank conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancer 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.
If you do not keep up the payments on your mortgage with Ahli United Bank your property may be repossessed.
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 lawyer 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.