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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.

Top seven questions relating to Godiva Mortgages transfer of equity

  • Can I apply to request more money from Godiva Mortgages as part of a Transfer of Equity?
  • Is it possible to transfer the equity held in my property with my Godiva Mortgages home loan?
  • I am looking for a conveyancing solicitor to deal with my transfer of equity. Godiva Mortgages are dealing with the remortgage. I thought of asking my financial adviser. I am lead to believe he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Any flaws you see in this way of thinking?
  • I am in the process of removing a name from a joint mortgage and the Godiva Mortgages require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Blaenavon conveyancer to deal with the transfer of equity? They need to be on the Godiva Mortgages conveyancing panel.
  • My financial adviser has recommended their conveyancer for the Transfer of Equity plus remortgage with Godiva Mortgages - Is it not simpler advisable to just use them?
  • I got divorced three years ago. I simply never dealt with the change the ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Godiva Mortgages is willing to transfer the full equity in my name (affordability checks done). Does she need a solicitor?
  • What can I do where I am not happy with the lawyer who undertook my transfer of equity conveyancing?

Sample of questions in a conveyancing solicitor 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 completion of the Transfer of Equity?

Please inform us if you are providing any payment for the Transfer of Equity and to whom and specify any such sums?

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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 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?

Please list all persons who occupy the property, their respective ages and relationships to you.

Information to consider in in addition 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 titles

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 strictly observed you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

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 valuation of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Godiva Mortgages your property may be repossessed.

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 conveyancer 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.


Frequently asked questions relating to Godiva Mortgages transfer of equity