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Ahli United Bank

Sample questions relating to Ahli United Bank transfer of equity

  • Given that we have been 5 years estranged I have opted to transfer my share of the flat to my husband who is re-mortgaging with Ahli United Bank. Can a transfer of equity be done in four weeks?
  • Me and a friend got a joint mortgage with Ahli United Bank on a apartment about a year ago. I am now thinking of purchasing a house on my own and my friend would like to buy me out. On the basis that we can settle on an amount what are the next steps? Is there likely to be any issue with Ahli United Bank with him being responsible for the total loan as opposed to only half of it?
  • I got my Decree Absolute in 2010. I simply never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Ahli United Bank is willing to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
  • I am hoping to refinance my flat in Sedgefield moving from Natwest to Ahli United Bank. The maisonette is jointly owned but propose for it to be in my name only when I switch. My former partner has verbally consented to this and is willing to sign a form but neither of us want to get a second conveyancer involved.
  • I understand we would need at least AP1 and TR1. Is this true?
  • I recently purchased a flat without my partner's name on the ownership paperwork. My conveyancer claimed it is because she was not in the mortgage with Ahli United Bank. Is it possible for me to add her name on the deeds?
  • My Ahli United Bank mortgage we jointly entered into with ex, he is agreeable to come off the deeds and let me have the property. Ahli United Bank have consented to the transfer of equity to my individual name. Do Ahli United Bank contact my company to check my salary?

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Ahli United Bank Transfer of Equity

Have you approached Ahli United Bank to obtain consent to the Transfer of Equity

If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

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

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

Please list all persons who occupy the property, their respective ages and relationships to you.

Information to consider in conjunction with the above Ahli United Bank transfer of equity Questions and Answers :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions 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 varies based 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 lawyer 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 contained within 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.


Frequently asked questions relating to Ahli United Bank transfer of equity