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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 got my Decree Absolute in 2010. For some reason I never got around to change the ownership from both our names to my name alone. 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 she need any legal representation?
  • My partner and I co-own a property in Littleborough . Home loan is with Aldermore Bank. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be simple?
  • My ex are planning to get a lawyer lined up for a new mortgage with Aldermore Bank. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. How necessary is it to have a lawyer local to us?
  • When it comes to transfer of equity conveyancing involving a remortgage with Aldermore Bank should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Is it possible to apply to borrow a further advance from Aldermore Bank as part of a Transfer of Equity?
  • What are my options where I am not happy with the conveyancing solicitor who carried out my transfer of equity conveyancing?
  • My decree absolute is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Aldermore Bank mortgage. I have called Aldermore Bank for the transfer of equity forms. What do I do now?

Information that may be required from your lawyer is likely to ask regarding your Aldermore Bank Transfer of Equity

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

Please provide a copy of your National Insurance Number?

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 supply us with a copy of the Death Certificate, Probate and a copy of the Will.

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

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

General Advice to read in further to the above Aldermore Bank transfer of equity Info :

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, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach 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 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 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 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 conveyancing solicitor 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 Aldermore Bank transfer of equity