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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.

Birmingham Midshires transfer of equity: q and a’s

  • What if my application doesn't meet Birmingham Midshires lending criteria for a transfer of equity?
  • I am in the process of removing a name from a joint mortgage and the Birmingham Midshires require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Miles Platting conveyancing solicitor to deal with the transfer of equity? They need to be on the Birmingham Midshires conveyancing panel.
  • Birmingham Midshires have today agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership at HMLR as well?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Birmingham Midshires mortgage account?
  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity for the property and the Birmingham Midshires home loan. I have contacted Birmingham Midshires for the transfer of equity forms. What do I do now?
  • Online research suggests 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 need to be transferring equity and simultaneously remortgaging with Birmingham Midshires
  • Can I apply to borrow a further advance from Birmingham Midshires as part of a Transfer of Equity?

Examples of information requested in a conveyancing solicitor questionnaire concerning a Birmingham Midshires Transfer of Equity

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 confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

If are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please provide the details of anyone to be removed from the property title?

Please give the details of anyone to be added to the property title?

Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Information to consider in in addition to the above Birmingham Midshires transfer of equity information :

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 Birmingham Midshires 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 landlord. If such conditions are not complied with 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 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 is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Birmingham Midshires your property may be repossessed.

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 conveyancing solicitor 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.


Frequently asked questions relating to Birmingham Midshires transfer of equity