Ahli United Bank transfer of equity example support desk enquires
- I am in the market for a value for money conveyancing lawyer to help me sell in a transfer of equity and refinance with Ahli United Bank. I I am fearful of by bill escalating out of control but with so many conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which is best select?
- I am in the process of mortgaging my house in Ampthill does my lawyer have to be on the Ahli United Bank Solicitor panel. The conveyancing also involves a transfer of equity.
- I bought a house with my cousin in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Ahli United Bank mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- Can I apply to borrow more money from Ahli United Bank as part of a Transfer of Equity?
- I already have a mortgage with Ahli United Bank and am maintaining my current mortgaging but wish to have it in my name only so my ex won't be on it any longer. How long does the whole transfer of equity process take?
- I am am in need of a conveyancer to undertake my transfer of equity. Ahli United Bank are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- I jointly own a house in Timperley
, with a Ahli United Bank loan with my ex partner. He and his new partner are going to buy me out. We had approval from Ahli United Bank to replace my name with hers. The transfer of equity has to be completed by a lawyer for Ahli United Bank (supposedly). In order to save fees can I deal with the Land Registry formalities?
Information that may be required from your conveyancing solicitor is likely to ask regarding your Ahli United Bank Transfer of Equity
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?
Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Can you give the name(s) and addresse(s) of those who jointly own the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Have you approached Ahli United Bank to seek consent to the Transfer of Equity
Important warnings to consider in supplemental the above Ahli United Bank transfer of equity Questions and Answers :
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 premises
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of 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 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 market value of the property at the time of completion of the transfer of equity transaction.
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 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 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 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.