Recently asked questions relating to Investec transfer of equity

• Me and my former wife and I are are looking to find an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Investec. I I am fearful of appointing the wrong one but with plenty conveyancing solicitors who do transfer of equity conveyancing to pick from...who's the best?
• I jointly own a flat in Dunnington , with a Investec loan with my former partner. Him and his fiance are going to buy me out. We had approval from Investec to remove my name with hers. The transfer of equity has to be done by a lawyer for Investec (supposedly). Is it possible for us to deal with the Land Registry change?
• How much the typical conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Investec - and have been quoted £250 including VAT by Investec's appointed lawyer, Is this a reasonable price?
• Can I transfer the equity held in my property with my Investec mortgage?
• I got my Decree Absolute in 2010. For some reason I never dealt with the change the ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Investec is happy to transfer the property and loan in my name (financial checks done). Does she need a solicitor?
• My current home loan is with Investec. Can I transfer equity to someone less than 18 years old?
• What if my application doesn't meet Investec lending criteria for a transfer of equity?

Questions that your conveyancing solicitor is likely to ask in relation to your Investec Transfer of Equity

General Advice to read in supporting the above Investec transfer of equity Advice :

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 premises

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 market value of the property at the time of completion of the transfer of equity transaction.

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 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.