Examples of recent questions relating to Better HomeOwnership transfer of equity
- I am am in need of a conveyancing solicitor to deal with my transfer of equity. Better HomeOwnership are dealing with the refinancing. I thought of asking my financial adviser. I am lead to believe 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. Any flaws you see in this way of thinking?
- I got my Decree Absolute in 2011. For some reason I never dealt with the change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Better HomeOwnership is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?
- I bought a flat with my cousin in 2009 Since then, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Better HomeOwnership mortgage. There is a meaningful difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
- How much the typical legal charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Better HomeOwnership - and have been quoted Four Hundred pounds including VAT by Better HomeOwnership's appointed conveyancer, Have I been over quoted?
- I intend to remortgage my maisonette in Dunnington
switching from Godiva Mortgages to Better HomeOwnership. The apartment is currently in joint names but wish for it to be in my sole name as and when I remortgage. My wife is OK with this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
- Me and my former partner and I are are seeking to find a dependable conveyancing solicitor to assist in a transfer of equity and refinance with Better HomeOwnership. I want to avoid being ripped off but with many conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?
- Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Better HomeOwnership?
Questions that your conveyancing solicitor may ask regarding your Better HomeOwnership Transfer of Equity
Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Please provide the details of anyone to be added to the title deeds?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please give the name(s) and addresse(s) of anyone to be extracted from the property title?
Information to consider in further to the above Better HomeOwnership 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 Better HomeOwnership conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under 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 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 conveyancer will check with Better HomeOwnership 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 Better HomeOwnership 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 Better HomeOwnership your property may be repossessed.
Preparing the Transfer of Equity with a Better HomeOwnership 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 Better HomeOwnership 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 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.
