LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
ASTRA mortgages

Astra Mortgages transfer of equity example support desk enquires

  • I purchased a house with a friend in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Astra Mortgages mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • My partner and I jointly own a house in Witham . Home loan is with Astra Mortgages. I wish to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be simple?
  • At what point do I cover the costs of the Stamp Duty Land Tax due for the transfer of equity in my house in my name alone which is happening at the same time as a remortgage via Astra Mortgages?
  • After 3 years separated I have decided to give up my interest in our house to my husband who is refinancing with Astra Mortgages. Could this transfer of equity be done within 28 days?
  • My decree absolute has gone through as is the consent order. Now I have to deal with the transfer of equity at the land registry and the Astra Mortgages home loan. I have called Astra Mortgages for the transfer of equity application. What are my next steps?
  • Two years ago I purchased a house without my partner's name on the title documents. My lawyer claimed it is due to the fact that she is not in the loan offer with Astra Mortgages. Is it possible for me to put her name on the deeds?
  • I am mortgaging my house in Miles Platting does my lawyer have to be on the Astra Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.

Information that may be required from your conveyancing solicitor may ask regarding your Astra Mortgages Transfer of Equity

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Has consent been obtained from Astra Mortgages to the proposed transfer of equity?

Please provide a copy of your National Insurance Number?

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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Information to consider in supporting the above Astra Mortgages 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 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 obtain the consent of the freeholder. If such conditions are not strictly observed you may be in breach of your covenants under 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Astra Mortgages.

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 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.


Frequently asked questions relating to ASTRA mortgages transfer of equity