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Aviva Equity Release

Are you in need of a Transfer of Equity with a Aviva Equity Release UK Ltd mortgage? Failing to check that a lawyer is on the Aviva Equity Release UK Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Aviva Equity Release transfer of equity example support desk enquires

  • My ex are seeking to get a lawyer in place for a new mortgage with Aviva Equity Release. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Do we need to have a conveyancer local to us?
  • I am trying to find a conveyancing solicitor to undertake my transfer of equity. Aviva Equity Release are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a referral fee for recommending someone, but also of benefit will be that he knows the lawyer, has dealt with them before. Is my logic correct?
  • What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Aviva Equity Release - and have been quoted £350 excluding VAT by Aviva Equity Release's appointed conveyancing solicitor, Is this is a good price or not?
  • Our financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with Aviva Equity Release - Is it not simpler easier to just instruct them?
  • I bought a property with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Aviva Equity Release mortgage. There is a meaningful difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
  • How and when do I cover the costs of stamp duty due for the transfer of equity in my property in my sole name which is taking place simultaneously with a refinancing via Aviva Equity Release?
  • My divorce has gone through as is the consent order. Now I must address the transfer of equity at the land registry and the Aviva Equity Release home loan. I have asked Aviva Equity Release for the transfer of equity forms. What are my next steps?

Examples of questions in a conveyancer questionnaire relating to Aviva Equity Release Transfer of Equity

Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide the details of anyone to be added to the title deeds?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give 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 the transfer of equity has been completed?

Has one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Caveats to be read in supplemental the above Aviva Equity Release transfer of equity Advice :

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 Aviva Equity Release conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 cases, 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 Aviva Equity Release 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 Aviva Equity Release 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.
If you do not keep up the payments on your mortgage with Aviva Equity Release your property may be repossessed.

Preparing the Transfer of Equity with a Aviva Equity Release Mortgage

When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Aviva Equity Release 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 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.


Frequently asked questions relating to Aviva Equity Release transfer of equity