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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.

Frequently asked questions relating to Bluestone Mortgages transfer of equity

  • I am trying to find a lawyer to handle my transfer of equity. Bluestone Mortgages have been approached for a refinancing. I thought of asking my mortgage broker. I understand he may get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Is my logic correct?
  • Been looking at online forums that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and simultaneously remortgaging with Bluestone Mortgages
  • Am I best advised cancel my mortgage payments with Bluestone Mortgages as soon as a date for my remortgage and transfer of equity has been set?
  • I am thinking of refinancing my apartment in Friern Barnet does my lawyer need to be on the Bluestone Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My former husband are seeking to get a conveyancer lined up for a refinance with Bluestone Mortgages. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. Is it important to have a conveyancer local to us?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Bluestone Mortgages?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Bluestone Mortgages?

Examples of questions in a conveyancing solicitor questionnaire relating to Bluestone Mortgages Transfer of Equity

Have you approached Bluestone Mortgages to obtain consent to the Transfer of Equity

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

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.

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)

Will there 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 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 properties

If your property is 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 strictly observed you may be in breach of the lease. This could trigger 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 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 transaction.
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 conveyancer 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 conveyancer 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 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.


Frequently asked questions relating to Bluestone Mortgages transfer of equity