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Are you in need of a Transfer of Equity with a Aldermore Bank PLC mortgage? Failing to check that a lawyer is on the Aldermore Bank 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.

Top seven questions relating to Aldermore Bank transfer of equity

  • Aldermore Bank yesterday agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but is this a transfer of ownership at HMLR on top?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Aldermore Bank?
  • After 2 a couple of years estranged I have decided to give up my interest in the property to my husband who is refinancing with Aldermore Bank. Can a transfer of equity be done within 28 days?
  • My father died last January leaving a unencumbered bungalow to me and my step brother 50:50. Having continues to reside at the premises, there was a condition in her will saying the propertycould not be sold for 24 months after her passing so he could remain there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to acquire my half from me?
  • What are the average legal fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Aldermore Bank - and have been quoted £350 excluding VAT by Aldermore Bank's appointed lawyer, Is this is a good price or not?
  • How do I go about adding or removing names (transfer of equity) to or from my Aldermore Bank mortgage account?
  • Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Aldermore Bank

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

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please give the details of anyone to be removed from the title deeds?

Has consent been obtained from Aldermore 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 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?

Caveats to be read in conjunction with the above Aldermore 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 Aldermore Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, 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 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 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 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 market value of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Aldermore Bank.

Preparing the Transfer of Equity with a Aldermore 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 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 conveyancing solicitor 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