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Foundation Home loans

Examples of recent questions relating to Foundation Home loans transfer of equity

  • Can I apply to request more money from Foundation Home loans as part of a Transfer of Equity?
  • I am answering a Foundation Home loans transfer of equity request and have arrived at the part concerning defaults etc. I do some debts that I have been paying off over a long period, I understand that they no longer remain my credit records. Do I need to set these out?
  • My ex are looking to get a conveyancing solicitor in place for a refinance with Foundation Home loans. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over England and Wales. How necessary is it to instruct a conveyancer local to us?
  • I am are looking to find a trustworthy conveyancing solicitor to assist in a transfer of equity and refinance with Foundation Home loans. I I am concerned about appointing the wrong one but with lots of conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
  • What are the average solicitors costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Foundation Home loans - and have been quoted £350 including VAT by Foundation Home loans's approved lawyer, Is this is a good price or not?
  • Can I transfer the equity held in my property with my Foundation Home loans mortgage?
  • Our financial adviser has suggested using their conveyancing solicitor for our Transfer of Equity plus remortgage with Foundation Home loans - won’t it be better to just instruct them?

Information that may be required from your lawyer is likely to ask in relation to your Foundation Home loans Transfer of Equity

Please provide a copy of your National Insurance Number?

Please provide the details of those who jointly own the property with you?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

Please provide the details of anyone to be extracted from the title deeds?

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in conjunction with 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 premises

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in 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 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 is dependent on the market value of the property at the time of completion 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 conveyancer 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.

Content 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.


Frequently asked questions relating to Foundation Home loans transfer of equity