Common questions relating to Aviva Equity Release transfer of equity
- What are the average solicitors fees are for a transfer of equity? I need to transfer equity and refinance - moving over to Aviva Equity Release - and have been quoted £250 excluding VAT by Aviva Equity Release's appointed lawyer, Have I been over quoted?
- I am in the process of removing a name from a joint mortgage and the Aviva Equity Release need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Dunnington
conveyancing solicitor to deal with the transfer of equity? They need to be on the Aviva Equity Release conveyancing panel.
- I jointly own a house in Crabtree
, with a Aviva Equity Release loan with my former partner. Him and his fiance are going to acquire my share. We had consent from Aviva Equity Release to replace my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Aviva Equity Release (supposedly). In order to save fees can I deal with the Land Registry change?
- I got divorced four years ago. I simply never got around to transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Aviva Equity Release is content to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
- I am selling my equity in house in Warwick to my co-owners husband, they are reapplying to Aviva Equity Release. We are debating as to who must cover the legal bill for the transfer of equity. Should this be shared or is one of us obliged to cover the fees for?
- How do I go about adding or removing names (transfer of equity) to or from my Aviva Equity Release mortgage account?
- My Aviva Equity Release mortgage we jointly entered into with ex, who is agreeable to be removed and put the house in my name alone. Aviva Equity Release have consented to the transfer of equity to my individual name. Will Aviva Equity Release get in touch with my boss to confirm my salary?
Information that may be required from your conveyancer is likely to ask regarding your Aviva Equity Release Transfer of Equity
Please inform us if you are making any payment for the Transfer of Equity and to whom and notify us any such sums?
Please list all persons who occupy the property, their respective ages and relationships to you.
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 give the details of anyone to be removed from the property title?
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?
Information to consider in conjunction with the above Aviva Equity Release transfer of equity Info :
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 properties
Should the tenure of your property be leasehold, provisions in 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 complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Aviva Equity Release.
Preparing the Transfer of Equity with a Aviva Equity Release 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 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 lawyer 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.