LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Aviva Equity Release

Common questions relating to Aviva Equity Release transfer of equity

  • What if my application doesn't meet Aviva Equity Release lending criteria for a transfer of equity?
  • I got divorced two years ago. I simply never got around to transfer ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Aviva Equity Release is content to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Aviva Equity Release?
  • Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Aviva Equity Release?
  • My Aviva Equity Release home loan is in joint names with ex, he is agreeable to be removed and let me have the property. Aviva Equity Release have consented to the transfer of equity to my individual name. Do Aviva Equity Release call my boss to check my salary?
  • What are the average conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to Aviva Equity Release - and have been quoted Three Hundred pounds plus VAT by Aviva Equity Release's approved conveyancing solicitor, Is this is a good price or not?
  • Can I transfer the equity held in my property with my Aviva Equity Release home loan?

Information that may be required from your lawyer could ask about your Aviva Equity Release Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please list all persons who occupy the property, their respective ages and relationships to you.

Please confirm where you are making any payment for the Transfer of Equity and to whom and give details of the amount?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Information to consider in supplemental the above Aviva Equity Release transfer of equity Advice :

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 have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of 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 is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
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 conveyancing solicitor 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.

Content 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