Top seven questions relating to Godiva Mortgages transfer of equity
- My Godiva Mortgages home loan is in joint names with ex, who is agreeable to be removed and let me have the property. Godiva Mortgages have consented to the transfer of equity to me solely. Will Godiva Mortgages call my company to check my salary?
- Can you tell me how to have a person removed off the title documents to a property if the home loan is with Godiva Mortgages
- I already have a home loan with Godiva Mortgages and am keeping my current mortgaging but seeking to have have the equity transferred to my name only so my former partner will come off the deeds. How long does the whole transfer of equity process take?
- Me and a friend got a joint mortgage with Godiva Mortgages on a property about a year ago. I am now thinking of purchasing a apartment on my own and my friend would like to buy me out. Once we have agreed a price where do we go? Would there be any potential issue with Godiva Mortgages with him being on the hook for the total loan rather than only part of it?
- How much the typical legal charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Godiva Mortgages - and have been quoted £350 excluding VAT by Godiva Mortgages's appointed lawyer, Is this is a good price or not?
- Have recently separated from my wife of 18 years. I'm now back with my mum and dad and she wants to remain in the apartment and buy me out. What percentage do I get. Is it 50% of the equity after paying off the Godiva Mortgages home loan? I assume proper valuations are necessary but I would like to be sure that I'm getting the best deal
- Me and my former wife and I are are looking to find a responsive conveyancing lawyer to help me sell in a transfer of equity and remortgage with Godiva Mortgages. I really don't want to get ripped off and there's plenty conveyancing firms who do transfer of equity conveyancing to pick from...who's the best?
Sample of questions in a lawyer questionnaire 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?
Who will be responsible for the costs of the Transfer of Equity?
Please provide the details of anyone to be added to the property title?
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..
Has consent been obtained from Godiva Mortgages to the proposed transfer of equity?
Please provide a copy of your National Insurance Number?
General Advice to read in further to 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 premises
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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.
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 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 finalisation 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.
Content 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.