Top seven questions relating to Britannia transfer of equity

• Law week I split up with my partner of 18 years. I'm now back with my mum and dad and she wants to stay in the flat and buy me out. What percentage do I get. Is it half of the equity after paying off the Britannia home loan? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
• My Britannia mortgage we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Britannia will permit the transfer of equity to me solely. Do Britannia write my company to check my salary?
• Me and a friend got a joint mortgage with Britannia on a house a couple of years ago. I am now looking to get a house on my own and my friend would like to buy me out. Assuming we can agree an amount where do we go? Is there likely to be any issue with Britannia with him being responsible for the total loan rather than only half of it?
• I recently purchased a flat without my partner's name on the title documents. My conveyancing solicitor advised it is due to the fact that she was not in the mortgage with Britannia. I'm wondering is there any way that I can put her name on the deeds?
• Having been three years estranged I have opted to give up my interest in the house to my husband who is re-mortgaging with Britannia. Can a transfer of equity be done within one month?
• I am in the process of refinancing my property in Romsey does my lawyer have to be on the Britannia Conveyancing panel. The conveyancing also involves a transfer of equity.
• Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and simultaneously refinancing with Britannia

Questions that your conveyancing solicitor is likely to ask regarding your Britannia Transfer of Equity

Caveats to be read in supplemental the above Britannia transfer of equity Advice :

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 obtain the consent of the freeholder. 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 lawyer 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 valuation of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Britannia 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 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 should not be regarded as 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.