Sample questions relating to Aviva Equity Release transfer of equity
- Me and my partner jointly own a property in Dunnington
. Mortgage is with Aviva Equity Release. I wish to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be straightforward?
- After 2 a couple of years estranged I have decided to transfer my interest in our former home to my husband who is refinancing with Aviva Equity Release. Can a transfer of equity be done in less than one month?
- Three years ago I bought a apartment without my wife's name on the deeds. My lawyer said it is because she was not in the loan offer with Aviva Equity Release. I'm wondering is there any way that I can add her name on the documents at HMLR?
- I got my Decree Absolute four years ago. I simply never got around to transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Aviva Equity Release is willing to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
- My mum died seven months ago leaving a loan-free property to me and my step brother 50:50. He has always lived in the premises, there was a clause in her will saying the housecould not be sold for three years following her passing so he could remain there for a while. He now says he would like to remain in the premises beyond the specified 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 traditional way to buy my share?
- My decree absolute has gone through as is the consent order. Now I need to address the transfer of equity at the HMLR and the Aviva Equity Release mortgage. I have contacted Aviva Equity Release for the transfer of equity forms. What do I do now?
- As things stand I have a joint Aviva Equity Release mortgage with my cousin and am investigating the feasibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to buy a place with my fiance. The outstanding mortgage is in the region 200k, and the property value is approx 500k. Is this a transfer of equity? Is land tax due?
Sample of questions in a conveyancing solicitor questionnaire concerning a Aviva Equity Release Transfer of Equity
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
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?
Please provide the details of anyone to be removed from the title deeds?
Who will be responsible for the costs of the Transfer of Equity?
Can you give the name(s) and addresse(s) of those who jointly own the premises with you?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Caveats to be read in supplemental the above Aviva Equity Release transfer of equity Questions and Answers :
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, 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 your covenants under the lease. This could potentially result in 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 conveyancer 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 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 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.
