Sample questions relating to Aviva Equity Release transfer of equity
- I am planning on removing a name from a joint mortgage and the Aviva Equity Release require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Friern Barnet
conveyancing solicitor to deal with the transfer of equity? They need to be on the Aviva Equity Release conveyancing panel.
- Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Aviva Equity Release?
- My mother passed away seven months ago leaving a loan-free property to me and my half brother equally. He has always lived in the premises, there was a clause in her will saying the propertycould not be sold for 24 months after her death so he could remain there for a while. He now says he would like to remain in the house beyond the prescribed period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to purchase my equity?
- My decree absolute is through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Aviva Equity Release home loan. I have called Aviva Equity Release for the transfer of equity application. What are my next steps?
- Having been 4 years estranged I have made the decision to transfer my interest in the flat to my husband who is refinancing with Aviva Equity Release. Could this transfer of equity be done in one month?
- My current mortgage is with Aviva Equity Release. Can I transfer equity to someone who is not yet 18 years old?
- When it comes to transfer of equity conveyancing involving a remortgage with Aviva Equity Release should I be paying 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
Questions that your conveyancer may ask about your Aviva Equity Release Transfer of Equity
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
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 list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?
Please inform us where you are making any payment for the Transfer of Equity and to whom and specify the amount?
Caveats to be read in in addition to the above Aviva Equity Release transfer of equity information :
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 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 have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 conveyancing solicitor 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 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 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 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.