Recently asked questions relating to GE Money transfer of equity

• I am in the process of remortgaging my property in Timperley does my lawyer need to be on the GE Money Conveyancing panel. The conveyancing also involves a transfer of equity.
• I am in the process of removing a name from a joint mortgage and the GE Money require me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Romsey conveyancer to deal with the transfer of equity? They need to be on the GE Money conveyancing panel.
• How much the typical solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to GE Money - and have been quoted £250 including VAT by GE Money's approved conveyancer, Is this a reasonable price?
• I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
• My father died early last year leaving a mortgage-free property to me and my step brother equally. Having continues to reside at the premises, there was a clause in the will specifying that the premisescould not be sold for 2 years following her passing so he could remain there for a prescribed period. He now says he would like to remain in the property beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the traditional way to acquire my equity?
• I am in the market for a trustworthy conveyancing lawyer to assist in a transfer of equity and refinance with GE Money. I want to avoid being ripped off and there's lots of conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one to appoint?
• My former husband are seeking to get a conveyancer lined up for a new mortgage with GE Money. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over the country. Do we need to have a conveyancing solicitor local to us?

Information that may be required from your lawyer could ask in relation to your GE Money Transfer of Equity

General Advice to read in supporting the above GE Money transfer of equity information :

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 premises

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 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 is dependent on the valuation of the property at the time of completion 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 conveyancer 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 provided 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.