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Are you in need of a Transfer of Equity with a GE Money Home Lending Ltd mortgage? Failing to check that a lawyer is on the GE Money Home Lending Ltd list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: GE Money transfer of equity

  • Me and my partner jointly own a house in Winchelsea . Home loan is with GE Money. I wish to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be straightforward?
  • I already have a home loan with GE Money and am maintaining my existing mortgaging but wish to have have the equity transferred to my name only so my former husband will come off the mortgage. How long do GE Money take to deal with the application?
  • Is it sensible to stop my mortgage payments with GE Money as soon as a date for my remortgage and transfer of equity has been agreed?
  • I plan to refinance my home in Crabtree switching from Birmingham Midshires to GE Money. The home is currently in joint names but propose for it to be in my name only once I remortgage. My husband has agreed to this and is happy to sign a form but neither of us want to incur conveyancing solicitor fees.
  • I acquired a property with my brother in 2008 Since purchasing the property, we have both got married. We are now intending to do a transfer of equity so my name comes off the GE Money mortgage. There is a meaningful difference between the value the GE Money say and what the property would sell for currently. Can you offer any advice?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my GE Money mortgage account?
  • I am selling my share of a house in Warwick to my co-owners fiance, they are sticking with GE Money as the the existing mortgage company. We are haggling as to who must pay the fees for the transfer of equity. Is this normally split or is one of us obliged to cover the legal bill?

Sample of questions in a conveyancer questionnaire relating to GE Money Transfer of Equity

Please give the details of anyone to be added to the property title?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Would you like us to draft you Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

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

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

General Advice to read in supplemental the above GE Money transfer of equity Questions and Answers :

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 titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. 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 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.


Frequently asked questions relating to GE Money transfer of equity