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Godiva Mortgages

Recently asked questions relating to Godiva Mortgages transfer of equity

  • I intend to refinance my flat in Rye moving from Leeds Building Society to Godiva Mortgages. The flat is currently in joint names but intend for it to be in my sole name when I transfer. My husband has agreed to this and is willing to sign a form but neither of us want to get a second lawyer involved.
  • I got my Decree Absolute in 2012. I simply never got around to transfer ownership from both our names to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Godiva Mortgages is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
  • I am looking for a lawyer to handle my transfer of equity. Godiva Mortgages have been approached for a remortgage. I thought of asking my mortgage broker. I am lead to believe he will likely receive a kickback for recommending a firm, but also of benefit will be that he knows the lawyer, has a working relationship with them. Is my logic flawed?
  • What is the process for having a person removed off the deeds to a house if the mortgage is with Godiva Mortgages
  • What are my options where I am not happy with the conveyancer who did my transfer of equity conveyancing?
  • I am are seeking to find a trustworthy conveyancing solicitor to help me sell in a transfer of equity and refinance with Godiva Mortgages. I I am concerned about appointing the wrong one and there's lots of conveyancing practices who do transfer of equity conveyancing out there...how do I know which to select?
  • My Godiva Mortgages mortgage is in joint names with ex, who has agreed to be removed and let me have the property. Godiva Mortgages will permit the transfer of equity to my individual name. Do Godiva Mortgages contact my employer to check my salary?

Sample of questions in a conveyancer form concerning a Godiva Mortgages Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Caveats to be read in conjunction with the above Godiva Mortgages 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 Godiva Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, 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 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 lawyer will check with Godiva Mortgages 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 Godiva Mortgages 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 the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Godiva Mortgages.

Preparing the Transfer of Equity with a Godiva Mortgages 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 Godiva Mortgages 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 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.


Frequently asked questions relating to Godiva Mortgages transfer of equity