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Britannia transfer of equity example support desk enquires

  • Am I best advised stop the direct debit for my mortgage with Britannia once a date for my remortgage and transfer of equity has been set?
  • I own a flat in Wakefield , with a Britannia mortgage with my former partner. He and his fiance are going to buy me out. We had consent from Britannia to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Britannia (supposedly). Is it possible for us to do the Land Registry change?
  • I am looking for a lawyer to deal with my transfer of equity. Britannia are dealing with the refinancing. I thought of asking my mortgage broker. I am lead to believe he may receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • I intend to refinance my flat in Romsey switching from Natwest to Britannia. The maisonette is currently in joint names but wish for it to be in my name only as and when I remortgage. My wife is OK with this and is willing to transfer equity but neither of us want to incur conveyancer charges.
  • My Britannia home loan is in joint names with ex, who has agreed to come off the mortgage and let me have the property. Britannia have consented to the transfer of equity to my individual name. Do Britannia write my boss to check my salary?
  • In 2011 I purchased a flat without my partner's name on the title documents. My lawyer claimed it is because she was not in the loan offer with Britannia. I'm wondering is there any way that I can put her name on the title?
  • As things stand I have a joint Britannia mortgage with my brother and am looking into the option of him assuming responsibility for the whole mortgage and removing myself from it, so as to enable me to purchase somewhere with my soon-to-be-wife. The outstanding mortgage is in the region 250k, and the property value is approx 600k. Is this a transfer of equity? Is land tax due?

Information that may be required from your lawyer is likely to ask about your Britannia Transfer of Equity

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

Is it the case that one of the registered proprietors died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Have you approached Britannia to obtain consent to the Transfer of Equity

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 the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Please provide a copy of your National Insurance Number?

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

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 Britannia conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of 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 valuation of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Britannia.

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 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