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Ahli United Bank

Common questions relating to Ahli United Bank transfer of equity

  • Me and my partner jointly own a property in Crabtree . Mortgage is with Ahli United Bank. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be easy to so?
  • Is it sensible to stop the direct debit for my mortgage with Ahli United Bank once a date for my remortgage and transfer of equity has been agreed?
  • Ahli United Bank have just agreed I can take over the home loan on the flat. I had applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds in addition?
  • My existing home loan is with Ahli United Bank. Can I transfer equity to someone who is not yet eighteen years old?
  • My brother and I got a joint mortgage with Ahli United Bank on a apartment in 2013. I am now thinking of purchasing a apartment by myself and my friend would like to buy me out. Once we have agreed an amount what are the next steps? Is there likely to be any problem with Ahli United Bank with him being on the hook for the total loan rather than only part of it?
  • When it comes to transfer of equity conveyancing involving a remortgage with Ahli United Bank should I be invoiced value added tax 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
  • I got my Decree Absolute four years ago. Foolishly I never dealt with the transfer ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Ahli United Bank is content to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?

Information that may be required from your conveyancer could ask in relation to your Ahli United Bank Transfer of Equity

Please provide a copy of your National Insurance Number?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Who will be responsible for the costs of the Transfer of Equity?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

General Advice to read in supplemental the above Ahli United Bank transfer of equity information :

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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 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 is dependent on the valuation of the property at finalisation 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.

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