Top seven questions relating to Aviva Equity Release transfer of equity

• How do I go about adding or removing names (transfer of equity) to or from my Aviva Equity Release mortgage account?
• At what stage do I incur the Stamp Duty Land Tax payable for the transfer of equity in my home in my name alone which is happening at the same time as a switching mortgage via Aviva Equity Release?
• My former wife are looking to get a lawyer lined up for a remortgage with Aviva Equity Release. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over England and Wales. Do we need to have a conveyancing solicitor local to us?
• I am in the process of mortgaging my property in Friern Barnet does my lawyer need to be on the Aviva Equity Release Conveyancing panel. The conveyancing also involves a transfer of equity.
• What can I do where I am unhappy with the conveyancer who undertook our transfer of equity transaction?
• Is there such a thing a transfer of equity stamp duty calculator?
• My father passed away seven months ago leaving a loan-free bungalow to me and my step brother equally. Having continues to reside at the premises, there was a provision in her will saying the propertycould not be sold for three years after her passing so he could reside there for a specified time frame. He now wishes to remain in the premises 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 conventional way to buy my share?

Questions that your conveyancing solicitor may ask regarding your Aviva Equity Release Transfer of Equity

Caveats to be read in supporting the above Aviva Equity Release 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 Aviva Equity Release conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. 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.

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 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 conveyancing.

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.

Information contained within 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.