Ahli United Bank transfer of equity: q and a’s
- I am am in need of a lawyer to deal with my transfer of equity. Ahli United Bank are dealing with the remortgage. I considered asking my mortgage broker. I am lead to believe he will likely get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
- When it comes to transfer of equity conveyancing involving refinance with Ahli United Bank should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Online reading suggests 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 am transferring equity and simultaneously remortgaging with Ahli United Bank
- My existing mortgage is with Ahli United Bank. Can I transfer equity to someone less than 18 years old?
- Three years ago I purchased a house without my partner's name on the deeds. My conveyancer claimed it is due to the fact that she is not in the mortgage with Ahli United Bank. I'm wondering is there any way that I can add her name on the deeds?
- I am answering a Ahli United Bank transfer of equity request and have arrived at the part that asks about debts etc. There are some debts that I have been clearing over a long period, I understand that they no longer remain my credit rating. Am I obliged to set these out?
- I own a apartment in Romsey
, with a Ahli United Bank loan with my former partner. He and his new partner are going to buy me out. We had approval from Ahli United Bank to remove my name with hers. The transfer of equity needs to be done by a conveyancing solicitor for Ahli United Bank (apparently). In order to save fees can I deal with the Land Registry change?
Information that may be required from your lawyer may ask regarding your Ahli United Bank Transfer of Equity
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.
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Who will be responsible for the costs of the Transfer of Equity?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure
Information to consider in supporting 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 titles
If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 valuation of the property at the time of completion 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 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.