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GE Money

Frequently asked questions relating to GE Money transfer of equity

  • I am planning on removing a name from a joint mortgage and the GE Money need me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon lawyer to deal with the transfer of equity? They need to be on the GE Money conveyancing panel.
  • My decree absolute has gone through as is the consent order. Now I need to sort out the transfer of equity on title deeds and the GE Money home loan. I have contacted GE Money for the transfer of equity application. What are my next steps?
  • I intend to remortgage my maisonette in Winchelsea changing from Nationwide to GE Money. The apartment is currently in joint names but wish for it to be in my name only when I switch. My former partner has agreed to this and is happy to transfer equity but neither of us want to incur conveyancer fees.
  • After 4 years separated I have decided to give up my interest in the property to my husband who is refinancing with GE Money. Could this transfer of equity be done within four weeks?
  • Am I best advised stop the direct debit for my mortgage with GE Money once a date for my remortgage and transfer of equity has been agreed?
  • I am considering refinancing my property in Blaenavon does my lawyer have to be on the GE Money Conveyancing panel. The conveyancing also involves a transfer of equity.
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my GE Money mortgage account?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Can you provide the name(s) and addresse(s) of those who jointly own the property with you?

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

Has consent been obtained from GE Money to the proposed transfer of equity?

Information to consider in supporting the above GE Money transfer of equity Advice :

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 properties

If your property is leasehold, provisions in the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of 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 conveyancing solicitor 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 valuation of the property at the time of completion of the transfer of equity transaction.
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 conveyancing solicitor 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.

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.


Frequently asked questions relating to GE Money transfer of equity