Investec transfer of equity example support desk enquires
- My financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with Investec - Is it not simpler advisable to just instruct them?
- My existing home loan is with Investec. Can I transfer equity to someone less than eighteen years old?
- When it comes to transfer of equity conveyancing involving refinance with Investec should I be invoiced value added tax 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
- My dad passed away seven months ago leaving a loan-free semi to me and my step brother equally. Having continues to reside at the premises, there was a condition in the will specifying that the propertycould not be sold for 24 months after her death so he could remain there for a specified time frame. He now says he would like to remain in the premises beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the conventional way to acquire my share?
- My former wife are planning to get a lawyer in place for a refinance with Investec. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over England and Wales. Do we need to appoint a conveyancing solicitor local to us?
- My divorce is through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Investec mortgage. I have called Investec for the transfer of equity forms. What happens next?
- I am led to believe we would need at least AP1 and Transfer Deed. Is this true?
Information that may be required from your conveyancer is likely to ask in relation to your Investec Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Have you approached Investec to seek consent to the Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be added to the property title?
Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?
Information to consider in further to the above Investec transfer of equity Info :
Tax and Legal
There are numerous potential 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 properties
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 landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 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 time of completion of the transfer of equity conveyancing.
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 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 contained within 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.