Examples of recent questions relating to Ahli United Bank transfer of equity
- I am answering a Ahli United Bank transfer of equity request and have arrived at the section regarding defaults etc. I do some debts that I have been discharging for a number of years, I understand that they no longer remain my credit rating. Do I need to set these out?
- I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
- My father died early last year leaving a mortgage-free semi to me and my half brother 50:50. Having continues to reside at the house, there was a provision in her will saying the propertycould not be sold for 2 years after her death so he could remain there for a prescribed period. He now says he would like to remain in the premises beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the usual way to acquire my half from me?
- I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Ahli United Bank. I really don't want to get ripped off and there are lots of conveyancing firms who do transfer of equity conveyancing out there...how do I know which one is best select?
- Is there such a thing a transfer of equity stamp duty calculator?
- My Ahli United Bank mortgage is in joint names with ex, he is agreeable to come off the deeds and let me have the property. Ahli United Bank will permit the transfer of equity to my individual name. Do Ahli United Bank write my company to confirm my salary?
- My mortgage broker has suggested using their conveyancer for the Transfer of Equity plus remortgage with Ahli United Bank - Surely it’s better to just use them?
Information that may be required from your conveyancing solicitor may ask about your Ahli United Bank Transfer of Equity
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Has consent been obtained from Ahli United Bank to the proposed transfer of equity?
Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?
Please provide the details of anyone to be extracted from the title deeds?
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 give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Caveats to be read in further to the above Ahli United Bank transfer of equity Info :
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
If your property is 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.
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 lawyer 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.
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 conveyancer 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.
