LenderPanel.com

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

Recently asked questions relating to Aldermore Bank transfer of equity

  • My former wife are looking to get a conveyancing solicitor lined up for a remortgage with Aldermore Bank. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over UK. Is it important to have a lawyer local to us?
  • I am thinking of mortgaging my home in Heathfield does my lawyer need to be on the Aldermore Bank Conveyancing panel. The conveyancing also involves a transfer of equity.
  • What if my application doesn't meet Aldermore Bank lending criteria for a transfer of equity?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Aldermore Bank?
  • I am filling out a Aldermore Bank transfer of equity application and have arrived at the section concerning defaults etc. I do some debts that I have been reducing for a number of years, I understand that they no longer remain my credit score. Am I obliged to set these out?
  • When it comes to transfer of equity conveyancing involving a remortgage with Aldermore Bank should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Me and a friend got a joint mortgage with Aldermore Bank on a house in 2013. I am now thinking of buying a apartment by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Is there likely to be any issue with Aldermore Bank with him being responsible for the total mortgage as opposed to only half of it?

Examples of information requested in a conveyancer form relating to Aldermore Bank Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is it the case that one of the registered owners died? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Is the transfer of equity subject to a court order? If yes please supply a copy

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?

Caveats to be read in conjunction with the above Aldermore Bank transfer of equity Advice :

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 premises

If your property is leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed you may be in violation of the lease. This could potentially result in 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 lawyer 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 the conclusion 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 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 conveyancer 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 Aldermore Bank transfer of equity