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Godiva Mortgages transfer of equity example support desk enquires

  • How do I go about adding or removing names (transfer of equity) to or from my Godiva Mortgages mortgage account?
  • I am looking for a lawyer to deal with my transfer of equity. Godiva Mortgages have been approached for a remortgage. I thought of asking my mortgage broker. I understand he may receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
  • My friend and I got a joint mortgage with Godiva Mortgages on a flat about a year ago. I am now looking to get a house by myself and my friend would like to buy me out. Once we have agreed a figure what happens next? Is there likely to be any issue with Godiva Mortgages with him being solely liable for the total mortgage rather than only half of it?
  • Is it possible to transfer the equity held in my property with my Godiva Mortgages home loan?
  • I intend to remortgage my apartment in Romsey switching from Natwest to Godiva Mortgages. The apartment is currently in joint names but intend for it to be in my name only once I transfer. My husband is OK with this and is happy to sign a form but neither of us want to get a second conveyancer involved.
  • Do I need legal representation when doing a transfer of equity where the mortgage is to remain with Godiva Mortgages?
  • When it comes to transfer of equity conveyancing involving refinance with Godiva Mortgages should I be charged VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Questions that your conveyancing solicitor may ask about your Godiva Mortgages Transfer of Equity

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

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

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

Please provide a copy of your National Insurance Number?

Please give the details of anyone to be added to the title deeds?

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

General Advice to read in in addition to the above Godiva Mortgages transfer of equity information :

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 properties

If your property is 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 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 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 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 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 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 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