Bluestone Mortgages transfer of equity: q and a’s
- I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
- I am in the process of remortgaging my apartment in Wakefield
does my lawyer need to be on the Bluestone Mortgages Solicitor panel. The conveyancing also involves a transfer of equity.
- I jointly own a flat in Crabtree
, with a Bluestone Mortgages loan with my former husband. Him and his new partner are going to buy me out. We had approval from Bluestone Mortgages to remove my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Bluestone Mortgages (apparently). Is it possible for us to deal with the Land Registry formalities?
- I am planning on removing a name from a joint mortgage and the Bluestone Mortgages require me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Romsey
lawyer to deal with the transfer of equity? They need to be on the Bluestone Mortgages conveyancing panel.
- Law month I split up with my partner of 18 years. I'm now back with my mum and dad and she wishes to remain in the property and pay me off. What percentage do I get. Is it half of the equity after paying off the mortgage with Bluestone Mortgages? I assume proper valuations are required but I would like to be sure that I'm getting what I am entitled to
- What should I be budgeting for when it comes to what conveyancing charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Bluestone Mortgages - and have been quoted Three Hundred pounds excluding VAT by Bluestone Mortgages's approved lawyer, Is this is a good price or not?
- What can I do where I am dissatisfied with the lawyer who handled our transfer of equity conveyancing?
Examples of questions in a conveyancer form relating to Bluestone Mortgages Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Can you provide the details of anyone who jointly owns the premises with you?
Is the transfer of equity subject to a court order? If yes please supply a copy
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Has consent been obtained from Bluestone Mortgages to the proposed transfer of equity?
Please list all persons who occupy the property, their respective ages and relationships to you.
General Advice to read in in addition to the above Bluestone Mortgages transfer of equity Info :
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 Bluestone Mortgages 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 the lease. This could potentially result in the freeholder taking enforcement action against you.
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 situations, 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 Bluestone Mortgages 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 Bluestone Mortgages 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 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 Bluestone Mortgages.
Preparing the Transfer of Equity with a Bluestone Mortgages 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 Bluestone Mortgages 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.
Content on 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.