Frequently asked questions relating to Ahli United Bank transfer of equity

• I already have a mortgage with Ahli United Bank and am retaining my existing mortgaging but applying to have it in my sole name so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
• At what point do I incur stamp duty payable for the transfer of equity in my house in my sole name which is happening simultaneously with a refinancing with Ahli United Bank?
• My partner and I jointly own a house in Friern Barnet . Mortgage is with Ahli United Bank. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be straightforward?
• I jointly own a property in Miles Platting , with a Ahli United Bank loan with my ex partner. He and his fiance are going to buy me out. We had approval from Ahli United Bank to remove my name with hers. The transfer of equity has to be done by a conveyancer for Ahli United Bank (supposedly). Is it possible for us to deal with the Land Registry formalities?
• My brother and I got a joint mortgage with Ahli United Bank on a property in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. Assuming we can agree an amount where do we go? Would there be any potential concerns with Ahli United Bank with him being responsible for the total loan rather than only part of it?
• What should I be budgeting for when it comes to what conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Ahli United Bank - and have been quoted £250 including VAT by Ahli United Bank's approved conveyancing solicitor, Have I been over quoted?
• Having been 5 years separated I have opted to relinquish up my share of our apartment to my husband who is refinancing with Ahli United Bank. Could this transfer of equity be done inside four weeks?

Sample of questions in a lawyer form relating to Ahli United Bank Transfer of Equity

General Advice to read in further to 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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could trigger 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity conveyancing.

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.