GE Money transfer of equity example support desk enquires
- I am am in need of a conveyancing solicitor to deal with my transfer of equity. GE Money are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he will likely receive a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
- Is it sensible to cancel my mortgage payments with GE Money as soon as a date for my remortgage and transfer of equity has been agreed?
- I am disposing of my share of a house in Hendon to the other co-owners husband, they are sticking with GE Money being the the existing lender. We are haggling as to who should pay the fees for the transfer of equity. Should this be shared or is one party obliged to cover the legal bill?
- I co-own a apartment in Blaenavon
, with a GE Money mortgage with my ex partner. Him and his fiance are going to acquire my share. We had approval from GE Money to substitute my name with hers. The transfer of equity needs to be completed by a conveyancer for GE Money (apparently). Can we do the Land Registry change?
- Will I incur any charges for a Transfer of Equity where the current home loan is with GE Money?
- My GE Money mortgage is in joint names with ex, who is agreeable to come off the deeds and put the house in my name alone. GE Money have consented to the transfer of equity to me solely. Do GE Money contact my company to verify my salary?
- How much the typical solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to GE Money - and have been quoted Four Hundred pounds plus VAT by GE Money's approved conveyancing solicitor, Have I been over quoted?
Sample of questions in a conveyancing solicitor form relating to GE Money Transfer of Equity
Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please provide the details of anyone to be extracted from the property title?
Who will be responsible for the costs of the Transfer of Equity?
Would you like us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
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)
General Advice to read in conjunction with the above GE Money transfer of equity Advice :
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
Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 varies based on the valuation of the property at the time of completion 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 lawyer 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 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.