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Are you in need of a Transfer of Equity with a Investec Bank plc mortgage? Failing to check that a lawyer is on the Investec Bank plc list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Frequently asked questions relating to Investec transfer of equity

  • Is it possible to apply to request a further advance from Investec as part of a Transfer of Equity?
  • Me and a friend got a joint mortgage with Investec on a apartment about a year ago. I am now thinking of buying a property on my own and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any problem with Investec with him being solely liable for the total mortgage rather than only part of it?
  • What do I do if I am unhappy with the lawyer who undertook my transfer of equity conveyancing?
  • Can you tell me how to have someone removed from the deeds to a property if the home loan is with Investec
  • My dad died early last year leaving a unencumbered bungalow to me and my half brother equally. He has always lived in the premises, there was a provision in her will saying the housecould not be sold for 24 months following her passing so he could remain there for a specified time frame. He now wants to remain in the house beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a home loan in the traditional way to buy my half from me?
  • As things stand I have a joint Investec mortgage with my brother and am looking into the feasibility of him assuming responsibility for the whole mortgage and removing myself from it, to enable me to purchase a place with my fiance. The outstanding mortgage is in the region 300k, and the property value is about 600k. Is this a transfer of equity? Is stamp duty involved?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with Investec?

Questions that your lawyer could ask about your Investec Transfer of Equity

Please provide the details of anyone to be removed from the title deeds?

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

Please provide the details of those who jointly own the premises with you?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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 supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

Important warnings to consider in further to the above Investec transfer of equity information :

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 freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 valuation of the property at finalisation 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 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 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