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Birmingham Midshires transfer of equity example support desk enquires

  • When it comes to transfer of equity conveyancing involving refinance with Birmingham Midshires should I be invoiced value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Can I transfer the equity held in my property with my Birmingham Midshires home loan?
  • Last year purchased a property without my wife's name on the ownership paperwork. My conveyancing solicitor claimed it is due to the fact that she was not in the loan offer with Birmingham Midshires. I'm wondering is there any way that I can add her name on the title?
  • My mother passed away half a year ago leaving a unencumbered house to me and my half brother equally. Having continues to reside at the house, there was a condition in the will specifying that the housecould not be sold for three years following her death so he could remain there for a specified time frame. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to purchase my equity?
  • Is it possible to apply to request a further advance from Birmingham Midshires as part of a Transfer of Equity?
  • I already have a home loan with Birmingham Midshires and am keeping my existing mortgaging but applying to have have the equity transferred to my name only so my ex won't be on it any longer. How long can it take for the forms to be processed?
  • My partner and I jointly own a property in Crabtree . Mortgage is with Birmingham Midshires. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be simple?

Information that may be required from your conveyancer is likely to ask about your Birmingham Midshires Transfer of Equity

Has one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Have you approached Birmingham Midshires to obtain consent to the Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be added to the property title?

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 details of anyone who jointly owns the property with you?

General Advice to read in in addition to the above Birmingham Midshires transfer of equity Questions and Answers :

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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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 varies based on the market value of the property at finalisation of the transfer of equity transaction.
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 conveyancing solicitor 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.


Frequently asked questions relating to Birmingham Midshires transfer of equity