Aldermore Bank transfer of equity example support desk enquires
- I am completing a Aldermore Bank transfer of equity form and have arrived at the part that asks about debts etc. I do some debts that I have been paying off over a long period, in fact they no longer remain my credit rating. Do I need to set these out?
- My mortgage broker has recommended their lawyer for our Transfer of Equity plus remortgage with Aldermore Bank - Surely it’s easier to just use them?
- I recently bought a property without my wife's name on the deeds. My conveyancing solicitor advised it is because she is not in the mortgage with Aldermore Bank. I'm wondering is there any way that I can add her name on the deeds?
- I am trying to find a lawyer to handle my transfer of equity. Aldermore Bank are dealing with the refinancing. I considered asking my financial adviser. I understand he will likely receive a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
- I got my Decree Absolute in 2010. Foolishly I never got around to transfer ownership from the current 'joint' status to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Aldermore Bank is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?
- I intend to refinance my home in Friern Barnet
switching from Skipton to Aldermore Bank. The home is currently in joint names but intend for it to be in my sole name as and when I transfer. My wife has agreed to this and is happy to sign a form but neither of us want to get a second conveyancer involved.
- I acquired a house with a friend in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Aldermore Bank mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
Sample of information requested in a lawyer form concerning a Aldermore Bank Transfer of Equity
Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Please list all persons who occupy the property, their respective ages and relationships to you.
Who will be responsible for the costs of the Transfer of Equity?
Please provide a copy of your National Insurance Number?
Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?
General Advice to read in conjunction with the above Aldermore 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 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 require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancing solicitor 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 varies based on the market value of the property at the conclusion 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 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 conveyancer 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 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.