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Aviva Equity Release

Examples of recent questions relating to Aviva Equity Release transfer of equity

  • My Aviva Equity Release home loan is in joint names with ex, he has agreed to come off the deeds and put the house in my name alone. Aviva Equity Release have consented to the transfer of equity to my individual name. Will Aviva Equity Release contact my boss to confirm my salary?
  • Can you tell me how to have someone removed off the deeds to a property where the mortgage is with Aviva Equity Release
  • I am considering mortgaging my property in Crabtree does my lawyer need to be on the Aviva Equity Release Conveyancing panel. The conveyancing also involves a transfer of equity.
  • What are the average conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - new loan with Aviva Equity Release - and have been quoted Three Hundred pounds plus VAT by Aviva Equity Release's appointed lawyer, Is this is a good price or not?
  • My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Aviva Equity Release home loan. I have contacted Aviva Equity Release for the transfer of equity application. What are my next steps?
  • As things stand I have a joint Aviva Equity Release mortgage with my cousin and am looking into the feasibility of him taking on the outstanding mortgage and extracting myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The remaining mortgage is approx 300k, and the property value is in the region 600k. Is this a transfer of equity? Is stamp duty involved?
  • My partner and I jointly own a house in Romsey . Mortgage is with Aviva Equity Release. I wish to transfer full ownership to him with no passing of money but without using a conveyancer. Is this likely to be straightforward?

Examples of information requested in a lawyer questionnaire relating to Aviva Equity Release Transfer of Equity

If you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

If 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?

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

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

Have you approached Aviva Equity Release to seek consent to the Transfer of Equity

Caveats to be read in supporting the above Aviva Equity Release transfer of equity Questions and Answers :

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 premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to 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 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 valuation 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 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. 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