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Common questions relating to Investec transfer of equity

  • I am hoping to remortgage my flat in Sedgefield switching from RBS to Investec. The apartment is jointly owned but intend for it to be in my sole name as and when I remortgage. My husband has verbally consented to this and is happy to sign a form but neither of us want to get a second lawyer involved.
  • Is it possible to transfer the equity held in my property with my Investec home loan?
  • My divorce has gone through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the Investec home loan. I have contacted Investec for the transfer of equity forms. What are my next steps?
  • Law week I separated from my wife of 18 years. I'm now living with my mum and dad and she wishes to stay in the flat and buy me out. What portion do I get. Is it half of the equity after discharging the mortgage with Investec? I assume proper valuations are necessary but I really need to be sure that I'm getting what I am entitled to
  • What are my options where I am dissatisfied with the lawyer who handled our transfer of equity conveyancing?
  • My partner and I co-own a flat in Wakefield . Mortgage is with Investec. I wish to transfer full ownership to him with no payment of money but without using a conveyancer. Is this likely to be easy to so?
  • I am in the process of removing a name from a joint mortgage and the Investec need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Blaenavon conveyancer to deal with the transfer of equity? They need to be on the Investec conveyancing panel.

Examples of information requested in a lawyer questionnaire concerning a Investec Transfer of Equity

Has one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Is the transfer of equity subject to a court order? If yes please supply a copy

Have you approached Investec to seek consent to the Transfer of Equity

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

Where you are adding someone 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 provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Information to consider in supplemental the above Investec 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 Investec 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Investec your property may be repossessed.

Preparing the Transfer of Equity with a Investec 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 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 lawyer 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 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 Investec transfer of equity