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Investec transfer of equity: q and a’s

  • I am searching for a value for money conveyancing solicitor to assist in a transfer of equity and remortgage with Investec. I really don't want to get ripped off but with various conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which one is best select?
  • I purchased a property with my brother in 2008 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?
  • I intend to remortgage my maisonette in Heathfield switching from Santander to Investec. The home is currently in joint names but propose for it to be in my sole name as and when I remortgage. My former partner is OK with this and is willing to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • My father died early last year leaving a mortgage-free bungalow to me and my step brother equally. He has always lived in the premises, there was a provision in the will saying the propertycould not be sold for three years following her passing so he could reside there for a specified time frame. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the conventional way to buy my share?
  • My divorce 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 home loan. I have contacted Investec for the transfer of equity forms. What are my next steps?
  • I currently have a joint Investec mortgage with my cousin and am looking into the possibility of him assuming responsibility for the outstanding mortgage and extracting myself from it, so as to enable me to buy a property with my partner. The remaining mortgage is approx 250k, and the property value is approx 600k. Is this a transfer of equity? Is land tax involved?
  • Can you tell me how to have someone removed from the title documents to a house if the home loan is with Investec

Examples of questions in a lawyer form concerning a Investec Transfer of Equity

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

Please provide the details of anyone to be added to the title deeds?

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

Is there to be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what figure

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

Would you like us to draft you Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Information to consider in further to 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 titles

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 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 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 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 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