Examples of recent questions relating to Britannia transfer of equity
- Last year purchased a property without my fiance’s name on the title documents. My lawyer claimed it is due to the fact that she is not in the mortgage with Britannia. I'm wondering is there any way that I can add her name on the title?
- I co-own a apartment in Friern Barnet
, with a Britannia loan with my former partner. He and his fiance are going to acquire my share. We had approval from Britannia to replace my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Britannia (supposedly). Can we do the Land Registry change?
- I am transferring my share of a property in Woodside to my co-owners husband, they are reapplying to Britannia. We are in heated discussion as to who should cover the fees for the transfer of equity. Is this usually shared or is one of us liable for the costs of?
- My ex-partner and I are are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Britannia. I want to avoid being ripped off but with lots of conveyancing firms who do transfer of equity conveyancing to choose from...who's the best?
- What do I do if I am unhappy with the conveyancing solicitor who conducted my transfer of equity conveyancing?
- I got divorced two years ago. Foolishly I never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Britannia is happy to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
- I already have a mortgage with Britannia and am retaining my existing mortgaging but wish to have it in my sole name so my former wife won't be on it any longer. How long does the whole transfer of equity process take?
Sample of questions in a lawyer questionnaire concerning a Britannia Transfer of Equity
Have you approached Britannia to seek consent to the Transfer of Equity
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
If you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Has one of the registered owners died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide a copy of your National Insurance Number?
Important warnings to consider in supporting the above Britannia transfer of equity Questions and Answers :
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 premises
If your property is leasehold, 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 your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancing solicitor 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
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 conveyancer 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.