Questions and answers: Bluestone Mortgages transfer of equity
- I am filling out a Bluestone Mortgages transfer of equity form and have come to the section regarding debts etc. There are some debts that I have been reducing since 2007, in fact they no longer remain my credit score. Must I set these out?
- My -ex-husband and I are searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Bluestone Mortgages. I I am concerned about appointing the wrong one but with many conveyancing firms who do transfer of equity conveyancing out there...who do I opt for?
- Three years ago I purchased a apartment without my fiance’s name on the title. My conveyancer advised it is because she is not in the loan offer with Bluestone Mortgages. I'm wondering is there any way that I can put her name on the title?
- Can I transfer the equity held in my property with my Bluestone Mortgages home loan?
- I acquired a flat with my brother in 2010 Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is removed the Bluestone Mortgages mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
- I co-own a apartment in Littleborough
, with a Bluestone Mortgages loan with my former partner. Him and his fiance are going to buy me out. We had the go ahead from Bluestone Mortgages to remove my name with hers. The transfer of equity has to be done by a conveyancer for Bluestone Mortgages (supposedly). In order to save fees can I do the Land Registry change?
- My existing mortgage is with Bluestone Mortgages. Can I transfer equity to someone who is not yet eighteen years old?
Questions that your lawyer may ask about your Bluestone Mortgages Transfer of Equity
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 provide details of the amount?
Would you like us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
Have you approached Bluestone Mortgages to obtain consent to the Transfer of Equity
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the details of anyone to be added to the property title?
Important warnings to consider in supporting the above Bluestone Mortgages 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 Bluestone Mortgages conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is 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 breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to 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 lawyer 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 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 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 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.