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Bluestone Mortgages

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.

Sample questions relating to Bluestone Mortgages transfer of equity

  • My Bluestone Mortgages mortgage we jointly entered into with ex, he has agreed to be removed and let me have the property. Bluestone Mortgages will permit the transfer of equity to my individual name. Will Bluestone Mortgages get in touch with my boss to verify my salary?
  • My current mortgage is with Bluestone Mortgages. Can I transfer equity to someone less than 18 years old?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Bluestone Mortgages mortgage account?
  • I am in the process of removing a name from a joint mortgage and the Bluestone Mortgages require me to use a conveyancer 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.
  • Can you tell me how to have a person removed from the deeds to a property where the home loan is with Bluestone Mortgages
  • Me and a friend got a joint mortgage with Bluestone Mortgages on a apartment a couple of years ago. I am now looking to get a flat on my own and my friend would like to buy me out. On the basis that we can settle on a figure what happens next? Would there be any potential concerns with Bluestone Mortgages with him being responsible for the total loan as opposed to only half of it?
  • I co-own a property in Blaenavon , with a Bluestone Mortgages mortgage with my ex partner. He and his fiance are going to buy me out. We had the go ahead from Bluestone Mortgages to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Bluestone Mortgages (supposedly). Is it possible for us to do the Land Registry formalities?

Questions that your lawyer could ask in relation to your Bluestone Mortgages Transfer of Equity

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)?

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in further to the above Bluestone Mortgages transfer of equity information :

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 have a requirement for notices to be served and that you obtain the consent of the landlord. 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.

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 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 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 market value of the property at the conclusion 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.

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 Bluestone Mortgages transfer of equity