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

Frequently asked questions relating to Britannia transfer of equity

  • I am are looking to find a value for money conveyancing solicitor to help me sell in a transfer of equity and remortgage with Britannia. I I am fearful of being overcharged but with various conveyancing firms who do transfer of equity conveyancing to choose from...how do I know which is best select?
  • Me and a friend got a joint mortgage with Britannia on a flat a couple of years ago. I am now looking to get a flat by myself and my friend would like to buy me out. Assuming we can agree a figure what are the next steps? Would there be any potential concerns with Britannia with him being responsible for the total mortgage as opposed to only part of it?
  • My former wife are looking to get a conveyancing solicitor lined up for a remortgage with Britannia. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Do we need to appoint a conveyancer local to us?
  • Law week I separated from my wife of twenty years. I'm now back with my parents again and she wishes to stay in the apartment and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Britannia? I assume proper valuations are necessary but I would like to be confident that I'm getting what I am entitled to
  • Me and my partner co-own a property in Littleborough . Mortgage is with Britannia. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
  • My decree absolute has gone through as is the consent order. Now I need to sort out the transfer of equity at the land registry and the Britannia home loan. I have called Britannia for the transfer of equity forms. What do I do now?
  • Can I transfer the equity held in my property with my Britannia mortgage?

Examples of questions in a conveyancer form concerning a Britannia Transfer of Equity

Has one of the registered proprietors passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

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

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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 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?

General Advice to read in supporting the above Britannia transfer of equity Info :

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 Britannia conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to 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 situations, 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 conveyancer will check with Britannia 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 Britannia 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 the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Britannia your property may be repossessed.

Preparing the Transfer of Equity with a Britannia 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 Britannia 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 Britannia transfer of equity