LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Investec

Examples of recent questions relating to Investec transfer of equity

  • I am searching for an affordable conveyancing solicitor to help me sell in a transfer of equity and remortgage with Investec. I want to avoid being ripped off but with lots of conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which to appoint?
  • How and when do I incur stamp duty due for the transfer of equity in my home in my name alone which is happening simultaneously with a refinancing via Investec?
  • Will I have to pay any charges for a Transfer of Equity where the current home loan is with Investec?
  • My partner and myself have equal shares in a BTL. I am a top rate tax payer. Ideally I wish to complete a transfer of equity to her sole name with a view to reduce our tax on the letting income. Assuming Investec are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the deeds would I lose my CGT relief.
  • What if my application doesn't meet Investec lending criteria for a transfer of equity?
  • Me and a friend got a joint mortgage with Investec on a house a couple of years ago. I am now looking to get a house by myself and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any issue with Investec with him being solely liable for the total loan rather than only part of it?
  • My former husband are seeking to get a lawyer in place for a remortgage with Investec. Transfer of Equity conveyancing is also necessaryI have used the different rating based services and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?

Sample of questions in a lawyer questionnaire relating to Investec Transfer of Equity

Is it the case that one of the registered proprietors died? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Please list all persons who occupy the property, their respective ages and relationships to you.

We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

Please clarify where you are providing any payment for the Transfer of Equity and to whom and specify the amount?

Information to consider in in addition to 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 titles

Should the tenure of your property be leasehold, 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 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 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 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 market value 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 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 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 does not constitute 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