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Are you in need of a Transfer of Equity with a Birmingham Midshires mortgage? Failing to check that a lawyer is on the Birmingham Midshires 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.

Examples of recent questions relating to Birmingham Midshires transfer of equity

  • What do I do if I am not happy with the conveyancer who did my transfer of equity conveyancing?
  • I am under the impression we would need at least AP1 and TR1. Is this true?
  • I got my Decree Absolute four years ago. Foolishly I never got around to transfer ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Birmingham Midshires is willing to transfer the full equity in my name (affordability checks done). Does she need a solicitor?
  • I already have a mortgage with Birmingham Midshires and am retaining my current mortgaging but applying to have have the equity transferred to my sole name so my former partner will come off the mortgage. How long do Birmingham Midshires take to process the application?
  • My wife and I have 50:50 shares in a investment property. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity into her name in order reduce our tax on rental income. If Birmingham Midshires are happy with this the legal fees are not high. What are the implications when we sell? As I would no longer be on the deeds am I giving up my CGT relief.
  • How and when do I cover the costs of stamp duty due for the transfer of equity in my property in my sole name which is happening at the same time as a refinancing with Birmingham Midshires?
  • Can you tell me how to have someone removed off the title documents to a house where the mortgage is with Birmingham Midshires

Information that may be required from your conveyancer could ask about your Birmingham Midshires Transfer of Equity

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Please provide the name(s) and addresse(s) 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 provide the name(s) and addresse(s) of anyone to be removed from the property title?

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 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 properties

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 breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

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 lawyer 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 market value of the property at finalisation 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 conveyancing solicitor 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 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 Birmingham Midshires transfer of equity