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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.

Examples of recent questions relating to GE Money transfer of equity

  • Is it sensible to stop the direct debit for my mortgage with GE Money once a date for my remortgage and transfer of equity has been set?
  • Can I apply to borrow more money from GE Money as part of a Transfer of Equity?
  • I am filling out a GE Money transfer of equity application and have arrived at the questions regarding debts etc. There are some debts that I have been reducing over a long period, I understand that they no longer remain my credit score. Must I reveal these?
  • Have recently split up with my ex of twenty years. I'm now back with my parents again and she wants to stay in the property and pay me off. What percentage do I get. Is it half of the equity after redeeming the mortgage with GE Money? I assume proper valuations are required but I would like ensure that I'm getting I am not being taken advantage of
  • I am are looking to find a value for money conveyancing lawyer to help me sell in a transfer of equity and refinance with GE Money. I I am fearful of being overcharged but with plenty conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
  • My father died seven months ago leaving a unencumbered house to me and my step brother in equal shared. He has always lived in the property, there was a clause in her will specifying that the propertycould not be sold for 24 months following her death so he could remain there for a while. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to acquire my half from me?
  • What is the process for adding or removing names (transfer of equity) to or from my GE Money mortgage account?

Information that may be required from your conveyancing solicitor could ask regarding your GE Money Transfer of Equity

Where you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Who will be responsible for the costs of the Transfer of Equity?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Please list all persons who occupy the property, their respective ages and relationships to you.

Is it the case that one of the registered owners died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Caveats to be read in in addition 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 premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 finalisation of the transfer of equity conveyancing.
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 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 conveyancing solicitor 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 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. 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