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Find a Law Firm for your Transfer of Equity approved by
Aldermore Bank

Examples of recent questions relating to Aldermore Bank transfer of equity

  • I am searching for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Aldermore Bank. I I am concerned about appointing the wrong one but with many conveyancing practices who do transfer of equity conveyancing out there...how do I know which to appoint?
  • What if my application doesn't meet Aldermore Bank lending criteria for a transfer of equity?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • Our financial adviser has suggested using their conveyancer for our Transfer of Equity plus remortgage with Aldermore Bank - won’t it be easier to just instruct them?
  • I bought a property with my cousin in 2008 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Aldermore Bank mortgage. There is a 30k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • Taking into account that we have been three years estranged I have opted to transfer my share of our former home to my husband who is re-mortgaging with Aldermore Bank. Can a transfer of equity be completed inside four weeks?
  • My divorce has gone through as is the consent order. Now I must deal with the transfer of equity on title deeds and the Aldermore Bank home loan. I have called Aldermore Bank for the transfer of equity forms. What are my next steps?

Questions that your conveyancing solicitor could ask about your Aldermore Bank Transfer of Equity

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

Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

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

Where you 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 list all persons who occupy the property, their respective ages and relationships to you.

Information to consider in supporting the above Aldermore Bank transfer of equity information :

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 Aldermore Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is 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 freeholder. 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 Aldermore 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 Aldermore 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 conveyancing.
If you do not keep up the payments on your mortgage with Aldermore Bank your property may be repossessed.

Preparing the Transfer of Equity with a Aldermore 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 Aldermore 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.


Frequently asked questions relating to Aldermore Bank transfer of equity