Sample questions relating to Birmingham Midshires transfer of equity
- When it comes to transfer of equity conveyancing involving refinance with Birmingham Midshires should I be charged VAT 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
- Having been four years separated I have opted to transfer my interest in the property to my husband who is refinancing with Birmingham Midshires. Could this transfer of equity be done within 28 days?
- Is it sensible to stop the direct debit for my mortgage with Birmingham Midshires once a date for my remortgage and transfer of equity has been set?
- I am disposing of my equity in house in Hendon to the other co-owners husband, they are reapplying to Birmingham Midshires. We are haggling as to who must pay the costs of the transfer of equity. Is this normally shared or is one party liable for the charges for?
- I own a apartment in Sedgefield
, with a Birmingham Midshires mortgage with my former husband. Him and his fiance are going to acquire my share. We had approval from Birmingham Midshires to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Birmingham Midshires (apparently). In order to save fees can I deal with the Land Registry change?
- Can I apply to borrow more money from Birmingham Midshires as part of a Transfer of Equity?
- I got divorced three years ago. I simply never dealt with the change the ownership from the current 'joint' status to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Birmingham Midshires is willing to transfer the property and loan in my name (affordability checks done). Does she need a solicitor?
Questions that your conveyancer could ask regarding your Birmingham Midshires Transfer of Equity
Can you give the details of those who jointly own the property with you?
Has consent been obtained from Birmingham Midshires to the proposed transfer of equity?
If you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the details of anyone to be removed from the property title?
Please provide a copy of your National Insurance Number?
Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Information to consider in supporting 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 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 strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 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 valuation of the property at finalisation of the transfer of equity conveyancing.
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 conveyancer 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.