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Are you in need of a Transfer of Equity with a Bluestone Mortgages mortgage? Failing to check that a lawyer is on the Bluestone Mortgages 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.

Examples of recent questions relating to Bluestone Mortgages transfer of equity

  • How do I go about adding or subtracting names (transfer of equity) to or from my Bluestone Mortgages mortgage account?
  • I already have a home loan with Bluestone Mortgages and am maintaining my current mortgaging but applying to have have the equity transferred to my sole name so my ex will be removed from the mortgage. How long can it take for the application to be processed?
  • I acquired a house with my brother in 2008 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Bluestone Mortgages mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • The mortgage broker has recommended their lawyer for my Transfer of Equity plus remortgage with Bluestone Mortgages - Surely it’s better to just instruct them?
  • My former wife are looking to get a conveyancer in place for a refinance with Bluestone Mortgages. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over England and Wales. Is it important to have a conveyancer local to us?
  • I intend to remortgage my home in Rye changing from Birmingham Midshires to Bluestone Mortgages. The home is jointly owned but propose for it to be in my name only once I transfer. My husband has agreed to this and is happy to sign a form but neither of us want to get a second lawyer involved.
  • I understand we would need at least AP1 and Transfer Deed. Is this true?

Information that may be required from your conveyancer is likely to ask in relation to your Bluestone Mortgages Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be added to the property title?

Will there be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

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

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

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?

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

General Advice to read in conjunction with the above Bluestone Mortgages 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 Bluestone Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 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 conveyancing solicitor 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Bluestone Mortgages your property may be repossessed.

Preparing the Transfer of Equity with a Bluestone Mortgages 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 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 lawyer 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 Bluestone Mortgages transfer of equity