Examples of recent questions relating to Investec transfer of equity
- I got divorced two years ago. Foolishly I never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Investec is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
- I am in the process of removing a name from a joint mortgage and the Investec require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Sedgefield
conveyancing solicitor to deal with the transfer of equity? They need to be on the Investec conveyancing panel.
- My former wife are looking to get a conveyancing solicitor lined up for a refinance with Investec. Transfer of Equity conveyancing is also necessaryI have used the different comparison based websites and the results are from all over the country. How necessary is it to appoint a conveyancer local to us?
- Having been 4 years separated I have made the decision to give up my interest in the house to my husband who is re-mortgaging with Investec. Can a transfer of equity be done in less than four weeks?
- My Investec mortgage we jointly entered into with ex, he is agreeable to be removed and put the house in my name alone. Investec will permit the transfer of equity to my individual name. Do Investec get in touch with my boss to check my salary?
- Can you tell me how to have someone removed off the deeds to a house where the mortgage is with Investec
- The mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with Investec - Surely it’s advisable to just instruct them?
Questions that your conveyancing solicitor may ask regarding your Investec Transfer of Equity
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?
Where you are going to hold 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 details of anyone who jointly owns the premises with you?
Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Has consent been obtained from Investec to the proposed transfer of equity?
Who will be responsible for the costs of the Transfer of Equity?
Caveats to be read in further to the above Investec transfer of equity Advice :
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 premises
Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 market value of the property at the time of completion 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 conveyancing solicitor 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 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.