Examples of recent questions relating to GE Money transfer of equity
- What do I do if I am dissatisfied with the conveyancing solicitor who did my transfer of equity conveyancing?
- How much the typical conveyancing fees are for a transfer of equity? I'm in the process of remortgaging - moving over to GE Money - and have been quoted £350 plus VAT by GE Money's appointed conveyancing solicitor, Have I been over quoted?
- I am disposing of my share of a property in Birmingham to the other co-owners fiance, they are sticking with GE Money as the the existing lender. We are debating as to who must cover the legal bill for the transfer of equity. Is this normally shared or is one party liable for the costs of?
- My ex are looking to get a conveyancer lined up for a refinance with GE Money. Transfer of Equity conveyancing is also neededI have used the different rating based services and the results are from all over UK. How necessary is it to appoint a conveyancing solicitor local to us?
- I intend to remortgage my maisonette in Miles Platting
moving from Santander to GE Money. The apartment is currently in joint names but wish for it to be in my sole name once I switch. My former partner has agreed to this and is willing to transfer equity but neither of us want to incur lawyer fees.
- I am planning on removing a name from a joint mortgage and the GE Money require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Heathfield
lawyer to deal with the transfer of equity? They need to be on the GE Money conveyancing panel.
- My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the GE Money mortgage. I have asked GE Money for the transfer of equity application. What are my next steps?
Examples of questions in a conveyancing solicitor form relating to GE Money Transfer of Equity
Would you like us to prepare Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?
Please provide the details of anyone to be removed from the title deeds?
Please provide a copy of your National Insurance Number?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Where 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” Form.
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?
General Advice to read in further to 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 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 landlord. If such terms are not adhered to you may be in breach of the lease. This could trigger 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 market value of the property at the time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with GE Money your property may be repossessed.
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 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.