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Top seven questions relating to Investec transfer of equity

  • My Investec mortgage is in joint names with ex, he is agreeable to come off the mortgage and put the house in my name alone. Investec will permit the transfer of equity to my individual name. Will Investec write my company to verify my salary?
  • I am considering refinancing my property in Crabtree does my lawyer need to be on the Investec Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My dad died seven months ago leaving a loan-free property to me and my step brother equally. He has always lived in the house, there was a clause in the will specifying that the propertycould not be sold for three years after her death so he could remain there for a prescribed period. He now says he would like to remain in the house beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the conventional way to acquire my half from me?
  • Have recently split up with my wife of twenty years. I'm now living with my mum and dad and she wants to stay in the property and buy me out. What percentage do I get. Is it 50% of the equity after discharging the Investec home loan? I assume proper valuations are required but I would like ensure that I'm getting what I am entitled to
  • How do I go about adding or subtracting names (transfer of equity) to or from my Investec mortgage account?
  • I already have a mortgage with Investec and am keeping my current mortgaging but seeking to have have the equity transferred to my name only so my former husband will be removed from the deeds. How long does the whole transfer of equity process take?
  • I am filling out a Investec transfer of equity form and have come to the section regarding debts etc. There are some debts that I have been paying off since 2009, in fact they no longer remain my credit records. Am I obliged to set these out?

Sample of information requested in a conveyancing solicitor questionnaire concerning a Investec Transfer of Equity

Please provide the details of anyone who jointly owns the property with you?

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

Where you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

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

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

General Advice to read in conjunction with 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 require that you have a license to do so from the landlord. If such terms are not adhered to you may be in violation of 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 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 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 valuation of the property at the conclusion of the transfer of equity transaction.
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 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 conveyancing solicitor 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