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Are you in need of a Transfer of Equity with a Ahli United Bank (UK) plc mortgage? Failing to check that a lawyer is on the Ahli United Bank (UK) plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Ahli United Bank transfer of equity

  • I plan to refinance my apartment in Friern Barnet switching from RBS to Ahli United Bank. The flat is currently in joint names but I would like it to be in my name only when I transfer. My former partner is OK with this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Ahli United Bank?
  • I am planning on removing a name from a joint mortgage and the Ahli United Bank require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Romsey lawyer to deal with the transfer of equity? They need to be on the Ahli United Bank conveyancing panel.
  • Me and a friend got a joint mortgage with Ahli United Bank on a house a couple of years ago. I am now thinking of buying a property on my own and my friend would like to buy me out. Assuming we can agree a figure what are the next steps? Would there be any potential concerns with Ahli United Bank with him being on the hook for the total loan rather than only part of it?
  • Can I apply to borrow a further advance from Ahli United Bank as part of a Transfer of Equity?
  • In 2011 I purchased a property without my partner's name on the title documents. My conveyancing solicitor claimed it is due to the fact that she is not in the loan offer with Ahli United Bank. Is it possible for me to put her name on the documents at HMLR?
  • Is it possible to transfer the equity held in my property with my Ahli United Bank mortgage?

Information that may be required from your conveyancer is likely to ask about your Ahli United Bank 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?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Who will be responsible for the costs of the Transfer of Equity?

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

Important warnings to consider in supporting 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

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 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 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.
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.

Content 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