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Ahli United Bank

Questions and answers: Ahli United Bank transfer of equity

  • I am completing a Ahli United Bank transfer of equity request and have come to the questions that asks about debts etc. There are some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit records. Must I reveal these?
  • I recently purchased a apartment without my fiance’s name on the title. My conveyancer said it is because she is not in the loan offer with Ahli United Bank. Is it possible for me to put her name on the title?
  • What if my application doesn't meet Ahli United Bank lending criteria for a transfer of equity?
  • I co-own a house in Rye , with a Ahli United Bank mortgage with my ex husband. He and his fiance are going to acquire my share. We had consent from Ahli United Bank to replace my name with hers. The transfer of equity has to be completed by a lawyer for Ahli United Bank (supposedly). Can we do the Land Registry formalities?
  • What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - new loan with Ahli United Bank - and have been quoted Four Hundred pounds excluding VAT by Ahli United Bank's approved lawyer, Is this a reasonable price?
  • Is it possible to apply to request more money from Ahli United Bank as part of a Transfer of Equity?
  • I acquired a flat with my cousin in 2009 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the Ahli United Bank mortgage. There is a meaningful difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?

Sample of information requested in a lawyer questionnaire relating to Ahli United Bank Transfer of Equity

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify any such sums?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please give the details of anyone to be extracted from the property title?

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

Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Important warnings to consider in supplemental 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 premises

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 landlord. If such conditions are not complied with you may be in violation 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 pursuant to 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 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
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 conveyancing solicitor 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 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