Top seven questions relating to Aviva Equity Release transfer of equity

• I am in the process of removing a name from a joint mortgage and the Aviva Equity Release need me to use a to carry out the paperwork. Can you recommend a reasonably priced Miles Platting to deal with the transfer of equity? They need to be on the Aviva Equity Release conveyancing panel.
• Having been four years separated I have opted to give up my share of our apartment to my husband who is re-mortgaging with Aviva Equity Release. Can a transfer of equity be done within one month?
• What if my application doesn't meet Aviva Equity Release lending criteria for a transfer of equity?
• My ex are looking to get a conveyancer in place for a refinance with Aviva Equity Release. Transfer of Equity conveyancing is also requiredI have used the different rating based services and the results are from all over UK. Is it important to appoint a lawyer local to us?
• Aviva Equity Release have today agreed I can take over the mortgage on my home. I had applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
• Have recently split up with my wife of twenty years. I'm now living with my parents again and she wants to remain in the property and pay me off. What percentage do I get. Is it half of the equity after redeeming the Aviva Equity Release home loan? I assume proper valuations are required but I would like ensure that I'm getting the best deal
• My financial adviser has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Aviva Equity Release - Is it not simpler advisable to just use them?

Questions that your conveyancer is likely to ask about your Aviva Equity Release Transfer of Equity

Information to consider in further to 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 titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 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 market value of the property at the time of completion of the transfer of equity transaction.

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.

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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.