Examples of recent questions relating to Astra Mortgages transfer of equity

• Taking into account that we have been 3 years estranged I have opted to transfer my interest in our former home to my husband who is refinancing with Astra Mortgages. Could this transfer of equity be completed inside four weeks?
• Me and my partner jointly own a property in Sedgefield . Home loan is with Astra Mortgages. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be simple?
• I am under the impression we would need at least AP1 and TR1. Is this true?
• I am completing a Astra Mortgages transfer of equity form and have arrived at the section regarding defaults etc. I do some debts that I have been discharging since 2007, I understand that they no longer remain my credit records. Must I set these out?
• When it comes to transfer of equity conveyancing involving refinance with Astra Mortgages 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
• I am searching for an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Astra Mortgages. I am aware of the possibility of getting ripped off and there's plenty conveyancing solicitors who do transfer of equity conveyancing out there...who's the best?
• My divorce has gone through as is the consent order. Now I need to address the transfer of equity at the land registry and the Astra Mortgages mortgage. I have asked Astra Mortgages for the transfer of equity application. What happens next?

Sample of information requested in a conveyancing solicitor form relating to Astra Mortgages Transfer of Equity

General Advice to read in in addition to the above Astra Mortgages 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 Astra Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is 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 conditions are not complied with 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 pursuant to 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 Astra 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 Astra 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Astra Mortgages 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 Astra 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 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 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.