Sample questions relating to Gen H transfer of equity

• Gen H have just agreed I can take over the home loan on the house. I have applied for a transfer of equity but presumably there is a transfer of ownership of the title deeds on top?
• Can you tell me how to have a person removed from the deeds to a property if the home loan is with Gen H
• I am searching for an affordable conveyancing solicitor to assist in a transfer of equity and remortgage with Gen H. I I am concerned about appointing the wrong one and there's various conveyancing firms who do transfer of equity conveyancing to pick from...how do I know which is best appoint?
• Me and my partner jointly own a house in Wakefield . Home loan is with Gen H. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be simple?
• I am trying to find a lawyer to handle my transfer of equity. Gen H have been approached for a refinancing. I considered asking my mortgage broker. I am lead to believe he may receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Is my logic flawed?
• My divorce is through as is the consent order. Now I have to address the transfer of equity on title deeds and the Gen H home loan. I have asked Gen H for the transfer of equity application. What happens next?
• Am I best advised stop my mortgage payments with Gen H as soon as a date for my remortgage and transfer of equity has been set?

Examples of information requested in a conveyancer form relating to Gen H Transfer of Equity

Caveats to be read in supplemental the above Gen H 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 Gen H 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 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 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 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 conveyancer will check with Gen H 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 Gen H 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.

Preparing the Transfer of Equity with a Gen H 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 Gen H 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 conveyancer 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.