LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
GE Money

Recently 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 Rye lawyer to deal with the transfer of equity? They need to be on the GE Money conveyancing panel.
  • I bought a house with my cousin in 2009 Since then, we have both got married. We are now looking to do a transfer of equity so my name is taken off the GE Money mortgage. There is a meaningful difference between the value the bank say and what the property would sell for currently. Can you offer any advice?
  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with GE Money?
  • GE Money have just agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry as well?
  • In 2012 I bought a property without my wife's name on the ownership paperwork. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with GE Money. I'm wondering is there any way that I can add her name on the documents at HMLR?
  • Have recently split up with my ex of 18 years. I'm now living with my parents again and she wishes 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 GE Money home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting the best deal
  • My mortgage broker has recommended their conveyancing solicitor for our Transfer of Equity plus remortgage with GE Money - Is it not simpler better to just instruct them?

Examples of questions in a conveyancer form relating to GE Money Transfer of Equity

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

Have you approached GE Money to obtain consent to the Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Can you provide the details of anyone who jointly owns the premises with you?

Has one of the registered owners passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Should the tenure of your property be leasehold, 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 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 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 lawyer 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 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 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.


Frequently asked questions relating to GE Money transfer of equity