Examples of recent questions relating to Foundation Home loans transfer of equity
- Been reviewing online blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and at the same time refinancing with Foundation Home loans
- Me and my former fiance and I are searching for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Foundation Home loans. I really don't want to get ripped off and there are various conveyancing solicitors who do transfer of equity conveyancing to choose from...who do I opt for?
- I am thinking of remortgaging my home in Wakefield
does my lawyer need to be on the Foundation Home loans Solicitor panel. The conveyancing also involves a transfer of equity.
- Have recently split up with my ex of twenty years. I'm now back with my mum and dad and she wants to remain in the apartment and buy me out. What portion am I entitled to. Is it half of the equity after paying off the mortgage with Foundation Home loans? I assume proper valuations are required but I really need ensure that I'm getting the best deal
- My decree absolute is through as is the consent order. Now I must address the transfer of equity for the property and the Foundation Home loans mortgage. I have contacted Foundation Home loans for the transfer of equity forms. What are my next steps?
- Can I transfer the equity held in my property with my Foundation Home loans home loan?
- I am hoping to remortgage my maisonette in Miles Platting
changing from Leeds Building Society to Foundation Home loans. The apartment is currently in joint names but propose for it to be in my name only when I transfer. My husband is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.
Information that may be required from your conveyancer is likely to ask in relation to your Foundation Home loans Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be removed from the title deeds?
Is it the case that one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Who will be responsible for the costs of the Transfer of Equity?
Important warnings to consider in supporting the above Foundation Home loans 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 Foundation Home loans conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 Foundation 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 Foundation 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 transaction.
If you do not keep up the payments on your mortgage with Foundation Home loans your property may be repossessed.
Preparing the Transfer of Equity with a Foundation Home loans Mortgage
When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Foundation 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 lawyer 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.