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Aviva Equity Release

Are you in need of a Transfer of Equity with a Aviva Equity Release UK Ltd mortgage? Failing to check that a lawyer is on the Aviva Equity Release UK Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Aviva Equity Release transfer of equity

  • What if my application doesn't meet Aviva Equity Release lending criteria for a transfer of equity?
  • Can I transfer the equity held in my property with my Aviva Equity Release mortgage?
  • What are the average solicitors charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Aviva Equity Release - and have been quoted £350 including VAT by Aviva Equity Release's approved conveyancing solicitor, Is this a reasonable price?
  • I am filling out a Aviva Equity Release transfer of equity request and have arrived at the part concerning defaults etc. I do some debts that I have been clearing over a long period, I understand that they have long since disappeared from my credit rating. Must I declare these?
  • Can I apply to borrow more money from Aviva Equity Release as part of a Transfer of Equity?
  • Can you tell me how to have a person removed from the title documents to a property if the home loan is with Aviva Equity Release
  • My -ex-husband and I are in the market for an affordable conveyancing lawyer to help me sell in a transfer of equity and remortgage with Aviva Equity Release. I want to avoid being ripped off but with so many conveyancing solicitors who do transfer of equity conveyancing to choose from...who's the best?

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Please give the details of anyone to be added to the property title?

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

Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please give the name(s) and addresse(s) of those who jointly own the property with you?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Caveats to be read in conjunction with 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 titles

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 freeholder. 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 as a result of 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 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 conveyancing solicitor 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 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