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Are you in need of a Transfer of Equity with a Godiva Mortgages Ltd mortgage? Failing to check that a lawyer is on the Godiva Mortgages 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.

Common questions relating to Godiva Mortgages transfer of equity

  • I am disposing of my share of a property in Woodside to the other co-owners husband, they are sticking with Godiva Mortgages being the the existing mortgage company. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be shared or is one of us liable for the fees for?
  • My Godiva Mortgages mortgage is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Godiva Mortgages will permit the transfer of equity to my individual name. Will Godiva Mortgages call my company to confirm my salary?
  • My existing home loan is with Godiva Mortgages. Can I transfer equity to someone less than 18 years old?
  • I am in the process of remortgaging my house in Ampthill does my lawyer have to be on the Godiva Mortgages Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My father passed away last May leaving a unencumbered property to me and my half brother 50:50. Having continues to reside at the house, there was a condition in the will specifying that the housecould not be sold for 2 years after her death so he could continue to live there for a specified time frame. He now wants 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 usual way to buy my share?
  • My mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with Godiva Mortgages - won’t it be better to just use them?
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Godiva Mortgages?

Sample of questions in a conveyancing solicitor form relating to 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 confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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

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

Please give the name(s) and addresse(s) of anyone to be added to the property title?

General Advice to read in supporting the above Godiva Mortgages transfer of equity Info :

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 Godiva Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 conveyancer 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 is dependent on the market value of the property at the conclusion 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 lawyer 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 lawyer 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 Godiva Mortgages transfer of equity