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Godiva Mortgages transfer of equity example support desk enquires

  • Is it possible to apply to borrow more money from Godiva Mortgages as part of a Transfer of Equity?
  • I got divorced four years ago. I simply never got around to change the ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Godiva Mortgages is happy to transfer the property and loan in my name (financial checks done). Does my ex need a lawyer?
  • I jointly own a property in Littleborough , with a Godiva Mortgages mortgage with my ex partner. Him and his fiance are going to acquire my share. We had the go ahead from Godiva Mortgages to remove my name with hers. The transfer of equity has to be completed by a lawyer for Godiva Mortgages (apparently). Can we do the Land Registry change?
  • What if my application doesn't meet Godiva Mortgages lending criteria for a transfer of equity?
  • My friend and I got a joint mortgage with Godiva Mortgages on a apartment about a year ago. I am now looking to get a flat on my own and my friend would like to buy me out. Once we have agreed a price what are the next steps? Would there be any potential concerns with Godiva Mortgages with him being solely liable for the total loan rather than only half of it?
  • Will I have to pay any fees for a Transfer of Equity where the existing home loan is with Godiva Mortgages?
  • What do I do if I am unhappy with the conveyancer who conducted our transfer of equity conveyancing?

Questions that your lawyer could ask regarding your Godiva Mortgages Transfer of Equity

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Have you approached Godiva Mortgages to seek consent to the Transfer of Equity

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please clarify if you are making any payment for the Transfer of Equity and to whom and specify the amount?

Can you provide the details of anyone who jointly owns the property with you?

Information to consider in in addition to the above Godiva Mortgages transfer of equity Info :

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 titles

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in violation 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 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 conveyancer 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 contained within 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