Recently asked questions relating to Ahli United Bank transfer of equity
- What are the average legal fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Ahli United Bank - and have been quoted Four Hundred pounds excluding VAT by Ahli United Bank's appointed lawyer, Have I been over quoted?
- Can I apply to request more money from Ahli United Bank as part of a Transfer of Equity?
- My dad died half a year ago leaving a unencumbered bungalow to me and my brother 50:50. Having continues to reside at the premises, there was a provision in the will specifying that the propertycould not be sold for 2 years following her death so he could continue to live there for a specified time frame. He now wishes to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the traditional way to buy my equity?
- My partner and I jointly own a flat in Wakefield
. Home loan is with Ahli United Bank. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be easy to so?
- I plan to refinance my home in Ampthill changing from RBS to Ahli United Bank. The maisonette is jointly owned but propose for it to be in my name only when I switch. My wife is OK with this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
- How and when do I pay the Stamp Duty Land Tax payable for the transfer of equity in my home in my sole name which is taking place at the same time as a remortgage via Ahli United Bank?
- Ahli United Bank have today agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
Examples of questions in a lawyer questionnaire concerning a Ahli United Bank Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Please provide the details of anyone to be added to the property title?
Have you approached Ahli United Bank to obtain consent to the Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Information to consider in in addition to 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, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.
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 lawyer 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 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.