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Aviva Equity Release

Aviva Equity Release transfer of equity example support desk enquires

  • Can I apply to request more money from Aviva Equity Release as part of a Transfer of Equity?
  • Can you tell me how to have someone removed off the deeds to a house if the home loan is with 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 application. What do I do now?
  • My Aviva Equity Release home loan is in joint names with ex, he has agreed to be removed and let me have the property. Aviva Equity Release will permit the transfer of equity to me solely. Will Aviva Equity Release get in touch with my boss to confirm my salary?
  • Have recently separated from my wife of thirty years. I'm now back with my parents again and she wishes to remain in the apartment and buy me out. What portion am I entitled to. Is it 50% of the equity after paying off the mortgage with Aviva Equity Release? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
  • I got divorced three years ago. Foolishly I never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Aviva Equity Release is willing to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?
  • Am I best advised stop the direct debit for my mortgage with Aviva Equity Release once a date for my remortgage and transfer of equity has been agreed?

Sample of questions in a lawyer form concerning a Aviva Equity Release Transfer of Equity

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

Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone to be extracted from the property title?

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Information to consider in in addition to 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 properties

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 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.

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 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 market value of the property at the time of completion 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.

Information provided 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 Aviva Equity Release transfer of equity