Top seven questions relating to GE Money transfer of equity

• Me and my former fiance and I are in the market for an affordable conveyancing solicitor to assist in a transfer of equity and refinance with GE Money. I I am concerned about appointing the wrong one and there's various conveyancing organisations who do transfer of equity conveyancing to choose from...how do I know which one is best select?
• What if my application doesn't meet GE Money lending criteria for a transfer of equity?
• I am hoping to refinance my apartment in Heathfield switching from Skipton to GE Money. The home is jointly owned but intend for it to be in my sole name when I switch. My husband has verbally consented to this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
• What do I do if I am unhappy with the conveyancer who handled our transfer of equity transaction?
• My partner and myself jointly own a buy to let. I am a higher rate tax payer. Ideally I wish to do a transfer of equity into her name in order mitigate tax on the letting income. If GE Money are fine with this the legal fees are not high. What are the implications when we sell? Would my GGT relief be lost.
• Me and my partner jointly own a flat in Ampthill . Home loan is with GE Money. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Is this likely to be easy to so?
• Can you tell me how to have a person removed off the deeds to a property where the home loan is with GE Money

Questions that your lawyer may ask in relation to your GE Money Transfer of Equity

Information to consider in conjunction with the above GE Money transfer of equity information :

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 GE Money conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is 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 violation of your covenants under 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity conveyancing.

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 conveyancing solicitor 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.