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Find a Law Firm for your Transfer of Equity approved by
Capital Home Loans

Examples of recent questions relating to Capital Home Loans transfer of equity

  • I am planning on removing a name from a joint mortgage and the Capital Home Loans require me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Wakefield lawyer to deal with the transfer of equity? They need to be on the Capital Home Loans conveyancing panel.
  • My mum passed away last January leaving a loan-free property to me and my half brother equally. Having continues to reside at the premises, there was a condition in her will saying the propertycould not be sold for 2 years after her passing so he could continue to live there for a while. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the conventional way to purchase my share?
  • What if my application doesn't meet Capital Home Loans lending criteria for a transfer of equity?
  • What is the process for having a person removed off the title documents to a house where the mortgage is with Capital Home Loans
  • My Capital Home Loans mortgage is in joint names with ex, who has agreed to come off the deeds and put the house in my name alone. Capital Home Loans have consented to the transfer of equity to my individual name. Do Capital Home Loans contact my boss to check my salary?
  • What can I do where I am dissatisfied with the conveyancer who carried out our transfer of equity transaction?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with Capital Home Loans?

Sample of questions in a conveyancer questionnaire concerning a Capital Home Loans Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Where you are adding someone 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.

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Please provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Have you approached Capital Home Loans to obtain consent to the Transfer of Equity

Important warnings to consider in supporting the above Capital Home Loans 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 Capital Home Loans 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 have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 conveyancer will check with Capital Home Loans 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 Capital Home Loans 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 conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Capital Home Loans your property may be repossessed.

Preparing the Transfer of Equity with a Capital Home Loans 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 Capital Home Loans 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.

Content 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 Capital Home Loans transfer of equity