Examples of recent questions relating to GE Money transfer of equity

• My partner and I jointly own a property in Miles Platting . Home loan is with GE Money. I wish to transfer full ownership to him with no payment of money but without using a . Is this likely to be simple?
• Is it possible to apply to borrow more money from GE Money as part of a Transfer of Equity?
• Is it sensible to stop my mortgage payments with GE Money once a date for my remortgage and transfer of equity has been set?
• What if my application doesn't meet GE Money lending criteria for a transfer of equity?
• I bought a property with my cousin six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the GE Money mortgage. There is a 40k difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
• I am searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with GE Money. I I am fearful of by bill escalating out of control but with many conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
• My dad died seven months ago leaving a loan-free bungalow to me and my step brother 50:50. Having continues to reside at the property, there was a clause in her will specifying that the propertycould not be sold for three years after her passing so he could remain there for a specified time frame. He now says he would like to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the traditional way to purchase my equity?

Sample of questions in a lawyer questionnaire concerning a GE Money Transfer of Equity

Information to consider in supporting the above GE Money transfer of equity Questions and Answers :

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 properties

If your property is leasehold, provisions in 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 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 transaction.

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.

Content 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.