LenderPanel.com

Find a Law Firm approved by
Ahli United Bank

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.

Common questions relating to Ahli United Bank transfer of equity

  • I co-own a flat in Blaenavon , with a Ahli United Bank loan with my former partner. Him and his new partner are going to acquire my share. We had approval from Ahli United Bank to replace my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Ahli United Bank (apparently). Is it possible for us to do the Land Registry formalities?
  • My divorce is through as is the consent order. Now I have to deal with the transfer of equity at the HMLR and the Ahli United Bank mortgage. I have contacted Ahli United Bank for the transfer of equity application. What happens next?
  • I already have a home loan with Ahli United Bank and am keeping my existing mortgaging but applying to have it in my name only so my ex will no longer be on the title. How long does the whole transfer of equity process take?
  • My existing mortgage is with Ahli United Bank. Can I transfer equity to someone who is not yet 18 years old?
  • Ahli United Bank yesterday agreed I can take over the mortgage on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
  • What do I do if I am not happy with the lawyer who conducted our transfer of equity transaction?
  • Me and a friend got a joint mortgage with Ahli United Bank on a apartment in 2013. I am now looking to get a house by myself and my friend would like to buy me out. Once we have agreed a figure where do we go? Would there be any potential issue with Ahli United Bank with him being on the hook for the total loan rather than only half of it?

Examples of questions in a conveyancing solicitor questionnaire relating to Ahli United Bank Transfer of Equity

Can you provide the details of anyone who jointly owns the premises with you?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Has consent been obtained from Ahli United Bank to the proposed transfer of equity?

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 let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Caveats to be read in supplemental the above Ahli United Bank transfer of equity Questions and Answers :

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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such terms are not adhered to 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 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 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 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.


Frequently asked questions relating to Ahli United Bank transfer of equity