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Top seven questions relating to GE Money transfer of equity

  • Is there such a thing a transfer of equity stamp duty calculator?
  • Been looking at consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time switching mortgage with GE Money
  • Am I best advised cancel my mortgage payments with GE Money once a date for my remortgage and transfer of equity has been agreed?
  • My divorce has gone through as is the consent order. Now I must sort out the transfer of equity on title deeds and the GE Money mortgage. I have asked GE Money for the transfer of equity forms. What happens next?
  • Is it possible to transfer the equity held in my property with my GE Money mortgage?
  • Have recently separated from my partner of thirty years. I'm now living with my mum and dad and she wants to remain in the property and pay me off. What portion am I entitled to. Is it 50% of the equity after paying off the mortgage with GE Money? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • My current home loan is with GE Money. Can I transfer equity to someone who is not yet eighteen years old?

Information that may be required from your conveyancing solicitor could ask regarding your GE Money Transfer of Equity

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Who will be responsible for the costs of the Transfer of Equity?

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

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

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

Important warnings to consider in in addition to the above GE Money transfer of equity Info :

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 GE Money conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 the lease. This could trigger 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 GE Money 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 GE Money 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 conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with GE Money.

Preparing the Transfer of Equity with a GE Money 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 GE Money 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 GE Money transfer of equity