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Frequently asked questions relating to Investec transfer of equity

  • I got my Decree Absolute in 2012. For some reason I never dealt with the transfer 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 willing to transfer the property and loan in my name (affordability checks done). Does my ex need a solicitor?
  • I am remortgaging my house in Rye does my lawyer need to be on the Investec Solicitor panel. The conveyancing also involves a transfer of equity.
  • At what stage do I pay the Stamp Duty Land Tax chargeable for the transfer of equity in my home in my sole name which is taking place at the same time as a remortgage with Investec?
  • My friend and I got a joint mortgage with Investec on a property about a year ago. I am now looking to get a apartment on my own and my friend would like to buy me out. Once we have agreed a price where do we go? Is there likely to be any problem with Investec with him being on the hook for the total mortgage as opposed to only part of it?
  • Two years ago I bought a property without my partner's name on the title documents. My conveyancer said it is because she is not in the mortgage with Investec. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • I am completing a Investec transfer of equity request and have come to the questions regarding debts etc. I do some debts that I have been clearing for a number of years, in fact they no longer remain my credit records. Do I need to set these out?
  • My former husband are planning to get a conveyancer lined up for a refinance with Investec. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over UK. Is it important to instruct a conveyancing solicitor local to us?

Examples of information requested in a lawyer questionnaire relating to Investec Transfer of Equity

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?

Please give the name(s) and addresse(s) of anyone to be added to the property title?

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

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..

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

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?

Information to consider in supporting 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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 conveyancing solicitor 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 market value of the property at finalisation 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 lawyer 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.


Frequently asked questions relating to Investec transfer of equity