Investec transfer of equity example support desk enquires
- I own a flat in Friern Barnet
, with a Investec mortgage with my ex husband. He and his new partner are going to acquire my share. We had consent from Investec to remove my name with hers. The transfer of equity needs to be completed by a lawyer for Investec (apparently). In order to save fees can I do the Land Registry formalities?
- Me and my partner jointly own a house in Wakefield
. Home loan is with Investec. I would like to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be straightforward?
- Have recently separated from my ex of 18 years. I'm now living with my mum and dad and she wishes to remain in the apartment and pay me off. What portion do I get. Is it half of the equity after discharging the Investec home loan? I assume proper valuations are required but I really need ensure that I'm getting I am not being taken advantage of
- Been reviewing consumer blogs that solicitors are more expensive than licensed conveyancers for transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and simultaneously switching mortgage with Investec
- Two years ago I purchased a property without my fiance’s name on the ownership paperwork. My lawyer claimed it is due to the fact that she was not in the loan offer with Investec. Is it possible for me to put her name on the documents at HMLR?
- I am transferring my share of a house in Birmingham to my co-owners fiance, they are sticking with Investec being the the existing lender. We are in heated discussion as to who should cover the fees for the transfer of equity. Is this usually split or is one party obliged to cover the costs of?
- I am filling out a Investec transfer of equity request and have come to the part concerning debts etc. There are some debts that I have been reducing since 2007, I understand that they have long since disappeared from my credit score. Am I obliged to declare these?
Information that may be required from your conveyancing solicitor is likely to ask in relation to 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?
Would you like us to draft you Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?
If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Can you give the details of anyone who jointly owns the premises with you?
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.
General Advice to read in supporting the above Investec transfer of equity Info :
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
If your property is leasehold, provisions in the lease may require that you obtain the consent of 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.
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 is dependent on the market value of the property at the time of completion 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 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 contained within 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.