Top seven questions relating to Birmingham Midshires transfer of equity

• Can I transfer the equity held in my property with my Birmingham Midshires home loan?
• I am completing a Birmingham Midshires transfer of equity application and have come to the part concerning debts etc. There are some debts that I have been paying off for a number of years, in fact they no longer remain my credit score. Am I obliged to set these out?
• I am disposing of my share of a house in Hendon to my co-owners husband, they are reapplying to Birmingham Midshires. We are in heated discussion as to who must pay the fees for the transfer of equity. Should this be split or is one party liable for the costs of?
• Is it possible to apply to borrow more money from Birmingham Midshires as part of a Transfer of Equity?
• What is the process for adding or subtracting names (transfer of equity) to or from my Birmingham Midshires mortgage account?
• What is the process for having a person removed from the deeds to a property if the mortgage is with Birmingham Midshires
• Me and my former fiance and I are in the market for a dependable conveyancing solicitor to assist in a transfer of equity and remortgage with Birmingham Midshires. I I am concerned about appointing the wrong one and there are plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...how do I know which is best appoint?

Sample of information requested in a lawyer form relating to Birmingham Midshires Transfer of Equity

Information to consider in in addition to the above Birmingham Midshires 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 Birmingham Midshires conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require 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 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 conveyancing solicitor will check with Birmingham Midshires 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 Birmingham Midshires 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.

Preparing the Transfer of Equity with a Birmingham Midshires 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 Birmingham Midshires 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.

Content on 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.