Foundation Home loans transfer of equity example support desk enquires

• What is the process for adding or removing names (transfer of equity) to or from my Foundation Home loans mortgage account?
• Can you tell me how to have a person removed from the title documents to a house where the mortgage is with Foundation Home loans
• Do I need legal advice when doing a transfer of equity where the mortgage is to remain with Foundation Home loans?
• Law month I separated from my partner of twenty years. I'm now living with my parents again and she wants to stay in the flat and buy me out. What percentage am I entitled to. Is it 50% of the equity after discharging the Foundation Home loans home loan? I assume proper valuations are necessary but I would like ensure that I'm getting I am not being walked over
• I am trying to find a lawyer to undertake my transfer of equity. Foundation Home loans have been approached for a remortgage. I thought of asking my financial adviser. I am lead to believe he may get a referral fee for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
• I am completing a Foundation Home loans transfer of equity application and have arrived at the questions regarding debts etc. I do some debts that I have been reducing over a long period, I understand that they no longer remain my credit score. Must I reveal these?
• I intend to refinance my home in Crabtree changing from Yorkshire Building Society to Foundation Home loans. The maisonette is jointly owned but wish for it to be in my sole name once I switch. My wife is OK with this and is willing to sign a form but neither of us want to incur lawyer charges.

Questions that your conveyancing solicitor is likely to ask about your Foundation Home loans Transfer of Equity

General Advice to read in supplemental the above Foundation Home loans transfer of equity Advice :

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 conditions are not complied with 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 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 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 finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Foundation Home loans 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 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.