Examples of recent questions relating to April Mortgages transfer of equity

• Is it possible to transfer the equity held in my property with my April Mortgages home loan?
• How do I go about adding or removing names (transfer of equity) to or from my April Mortgages mortgage account?
• What if my application doesn't meet April Mortgages lending criteria for a transfer of equity?
• April Mortgages yesterday agreed I can take over the home loan on my home. I have applied for a transfer of equity but is this a transfer of ownership at HMLR in addition?
• I own a flat in Sedgefield , with a April Mortgages loan with my former partner. Him and his new partner are going to buy me out. We had consent from April Mortgages to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for April Mortgages (apparently). In order to save fees can I do the Land Registry formalities?
• I intend to refinance my flat in Miles Platting moving from Yorkshire Building Society to April Mortgages. The home is jointly owned but wish for it to be in my name only as and when I transfer. My husband has agreed to this and is happy to sign a form but neither of us want to get a second lawyer involved.
• I am completing a April Mortgages transfer of equity request and have arrived at the section that asks about debts etc. I do some debts that I have been paying off for a number of years, in fact they have long since disappeared from my credit score. Am I obliged to set these out?

Questions that your conveyancer may ask regarding your April Mortgages Transfer of Equity

Important warnings to consider in conjunction with the above April Mortgages transfer of equity Questions and Answers :

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 April Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such conditions are not complied with 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 conveyancing solicitor will check with April Mortgages 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 April Mortgages 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 transaction.

Preparing the Transfer of Equity with a April Mortgages 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 April Mortgages 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.

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.