Examples of recent questions relating to Birmingham Midshires transfer of equity
- Is it possible to apply to request a further advance from Birmingham Midshires as part of a Transfer of Equity?
- As things stand I have a joint Birmingham Midshires mortgage with my cousin and am looking into the feasibility of him assuming responsibility for the outstanding mortgage and removing myself from it, so as to enable me to purchase a property with my fiance. The outstanding mortgage is approx 175k, and the property value is approx 500k. Is this a transfer of equity? Is land tax due?
- My former wife are seeking to get a conveyancer lined up for a remortgage with Birmingham Midshires. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
- I am trying to find a conveyancer to handle my transfer of equity. Birmingham Midshires have been approached for a remortgage. I thought of asking my financial adviser. I am lead to believe he may receive a kickback for suggesting someone, but also of benefit will be that he knows the lawyer, has a working relationship with them. Any flaws you see in this way of thinking?
- Will I incur any charges for a Transfer of Equity where the current home loan is with Birmingham Midshires?
- Law month I split up with my ex of twenty years. I'm now living with my mum and dad and she wants to remain in the apartment and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the Birmingham Midshires home loan? I assume proper valuations are required but I really need to be confident that I'm getting what I am entitled to
- I am in the process of removing a name from a joint mortgage and the Birmingham Midshires need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Winchelsea
lawyer to deal with the transfer of equity? They need to be on the Birmingham Midshires conveyancing panel.
Examples of questions in a conveyancer questionnaire relating to Birmingham Midshires Transfer of Equity
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide a copy of your National Insurance Number?
Has one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
Important warnings to consider in conjunction with 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 titles
Should the tenure of your property be leasehold, provisions in 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 complied with you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made as a result of 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 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 conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Birmingham Midshires.
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 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 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.