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Investec transfer of equity example support desk enquires

  • I am are looking to find a responsive conveyancing solicitor to assist in a transfer of equity and refinance with Investec. I want to avoid being ripped off and there's plenty conveyancing practices who do transfer of equity conveyancing out there...who do I opt for?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • Is it possible to transfer the equity held in my property with my Investec mortgage?
  • Three years ago I bought a property without my partner's name on the ownership paperwork. My lawyer advised it is due to the fact that she is not in the mortgage with Investec. Is it possible for me to add her name on the title?
  • I am answering a Investec transfer of equity form and have arrived at the questions regarding defaults etc. I do some debts that I have been reducing over a long period, in fact they have long since disappeared from my credit score. Must I declare these?
  • I jointly own a flat in Ampthill , with a Investec loan with my ex partner. Him and his new partner are going to buy me out. We had consent from Investec to remove my name with hers. The transfer of equity has to be completed by a lawyer for Investec (supposedly). In order to save fees can I do the Land Registry change?
  • My Investec mortgage is in joint names with ex, who is agreeable to be removed and put the house in my name alone. Investec have consented to the transfer of equity to me solely. Will Investec contact my company to check my salary?

Sample of questions in a conveyancer form relating to Investec Transfer of Equity

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

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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

Can you provide the name(s) and addresse(s) of those who jointly own the premises with you?

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

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?

General Advice to read in supporting the above Investec 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 Investec conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. 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 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 Investec 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 Investec 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 transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Investec.

Preparing the Transfer of Equity with a Investec 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 Investec 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.

Information provided 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 Investec transfer of equity