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Godiva Mortgages

Sample questions relating to Godiva Mortgages transfer of equity

  • I am in the process of removing a name from a joint mortgage and the Godiva Mortgages require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Sedgefield conveyancer to deal with the transfer of equity? They need to be on the Godiva Mortgages conveyancing panel.
  • In 2009 I bought a house without my wife's name on the deeds. My lawyer advised it is because she is not in the mortgage with Godiva Mortgages. Is it possible for me to put her name on the documents at HM Land Registry?
  • What if my application doesn't meet Godiva Mortgages lending criteria for a transfer of equity?
  • My former wife are seeking to get a conveyancing solicitor lined up for a remortgage with Godiva Mortgages. Transfer of Equity conveyancing is also requiredI have used the different rating based websites and the results are from all over England and Wales. Do we need to instruct a lawyer local to us?
  • What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and remortgage - moving over to Godiva Mortgages - and have been quoted Three Hundred pounds excluding VAT by Godiva Mortgages's approved conveyancing solicitor, Is this a reasonable price?
  • Godiva Mortgages have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership of the house as well?
  • I got divorced two years ago. I simply never got around to change the ownership from both our names to my name alone. I am ready to do that and so is she. Transfer-of-equity is needed. Godiva Mortgages is content to transfer the property and loan in my name (affordability checks done). Does she need a solicitor?

Sample of questions in a lawyer form relating to Godiva Mortgages Transfer of Equity

Has consent been obtained from Godiva Mortgages to the proposed transfer of equity?

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

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

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

Please provide a copy of your National Insurance Number?

Caveats to be read in conjunction with the above Godiva Mortgages transfer of equity Questions and Answers :

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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 is dependent on the market value of the property at the conclusion of the transfer of equity transaction.
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 conveyancing solicitor 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