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Ahli United Bank

Questions and answers: Ahli United Bank transfer of equity

  • I already have a mortgage with Ahli United Bank and am maintaining my existing mortgaging but applying to have it in my name only so my ex will no longer be on the mortgage. How long does the whole transfer of equity process take?
  • Ahli United Bank have just agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • I am in the process of removing a name from a joint mortgage and the Ahli United Bank require me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Dunnington conveyancer to deal with the transfer of equity? They need to be on the Ahli United Bank conveyancing panel.
  • Can I transfer the equity held in my property with my Ahli United Bank home loan?
  • Online research suggests that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously switching mortgage with Ahli United Bank
  • After 3 years apart I have decided to relinquish up my interest in our flat to my husband who is refinancing with Ahli United Bank. Could this transfer of equity be completed inside four weeks?
  • I currently have a joint Ahli United Bank mortgage with my cousin and am investigating the feasibility of him assuming responsibility for the whole mortgage and extracting myself from it, to enable me to buy somewhere with my soon-to-be-wife. The remaining mortgage is approx 200k, and the property value is in the region 450k. Is this a transfer of equity? Is stamp duty due?

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

Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

If 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?

Please give the details of anyone to be added to the property title?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please inform us if you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

Important warnings to consider in supplemental 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 violation of your covenants under 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 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 conclusion 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 lawyer 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