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Investec

Sample questions relating to Investec transfer of equity

  • My ex are looking to get a conveyancer lined up for a refinance with Investec. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over the country. Is it important to appoint a conveyancing solicitor local to us?
  • I am completing a Investec transfer of equity request and have arrived at the part concerning defaults etc. There are some debts that I have been discharging over a long period, in fact they no longer remain my credit score. Am I obliged to declare these?
  • I acquired a property with my cousin six years ago Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Investec mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity at the land registry and the Investec mortgage. I have contacted Investec for the transfer of equity application. What do I do now?
  • How do I go about adding or removing names (transfer of equity) to or from my Investec mortgage account?
  • What legal advice do I need when doing a transfer of equity where the mortgage is to remain with Investec?
  • Can I transfer the equity held in my property with my Investec home loan?

Information that may be required from your conveyancer is likely to ask about your Investec Transfer of Equity

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?

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

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

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

Information to consider in conjunction with 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 premises

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach 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 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 is dependent on the market value of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancing solicitor 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 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