GE Money transfer of equity example support desk enquires
- Me and my former fiance and I are in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with GE Money. I really don't want to get ripped off but with various conveyancing firms who do transfer of equity conveyancing to choose from...who do I opt for?
- I am looking for a conveyancer to undertake my transfer of equity. GE Money have been approached for a refinancing. I considered asking my financial adviser. I understand he may get a referral fee 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?
- Last year bought a flat without my fiance’s name on the ownership paperwork. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with GE Money. I'm wondering is there any way that I can put her name on the deeds?
- I plan to refinance my maisonette in Littleborough
switching from Lloyds TSB to GE Money. The home is jointly owned but propose for it to be in my name only as and when I switch. My husband is OK with this and is willing to transfer equity but neither of us want to incur conveyancing solicitor fees.
- I am answering a GE Money transfer of equity request and have come to the part concerning debts etc. There are some debts that I have been clearing over a long period, in fact they have long since disappeared from my credit records. Am I obliged to set these out?
- What legal advice do I need when doing a transfer of equity where the mortgage is to remain with GE Money?
- My brother and I got a joint mortgage with GE Money on a property a couple of years ago. I am now thinking of purchasing a house by myself and my friend would like to buy me out. Once we have agreed an amount what happens next? Would there be any potential problem with GE Money with him being responsible for the total loan as opposed to only half of it?
Information that may be required from your conveyancer could ask in relation to your GE Money Transfer of Equity
Please provide the details of anyone to be added to the property title?
Please provide a copy of your National Insurance Number?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
If 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?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?
Important warnings to consider in supporting the above GE Money transfer of equity information :
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 premises
Should the tenure of your property be leasehold, provisions in 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 violation of your covenants under 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 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 conveyancer 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 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.
Content on 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.