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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.

Top seven questions relating to Birmingham Midshires transfer of equity

  • I purchased a house with my brother in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Birmingham Midshires mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Me and my former partner and I are are looking to find an affordable conveyancing lawyer to assist in a transfer of equity and remortgage with Birmingham Midshires. I want to avoid being ripped off and there's many conveyancing organisations who do transfer of equity conveyancing out there...how do I know which one to select?
  • I understand we would need at least AP1 and Transfer Deed. Is this true?
  • How much the typical legal costs are for a transfer of equity? I need to transfer equity and refinance - moving over to Birmingham Midshires - and have been quoted £350 including VAT by Birmingham Midshires's appointed conveyancing solicitor, Have I been over quoted?
  • Am I best advised stop the direct debit for my mortgage with Birmingham Midshires as soon as a date for my remortgage and transfer of equity has been agreed?
  • Can I transfer the equity held in my property with my Birmingham Midshires home loan?
  • My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Birmingham Midshires home loan. I have asked Birmingham Midshires for the transfer of equity forms. What do I do now?

Questions that your conveyancer is likely to ask in relation to your 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?

Is the transfer of equity subject to a court order? If yes please supply a copy

Please provide the details of anyone who jointly owns the property with you?

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

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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?

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

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 titles

If your property is 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 terms are not adhered to you may be in violation of 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 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