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Kent Reliance

Common questions relating to Kent Reliance transfer of equity

  • Kent Reliance yesterday agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry as well?
  • What can I do where I am unhappy with the conveyancer who conducted my transfer of equity conveyancing?
  • I am transferring my equity in apartment in Woodside to my co-owners husband, they are reapplying to Kent Reliance. We are debating as to who should pay the costs of the transfer of equity. Is this usually split or is one party obliged to cover the legal bill?
  • My Kent Reliance home loan is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Kent Reliance have consented to the transfer of equity to me solely. Will Kent Reliance contact my company to check my salary?
  • I am thinking of mortgaging my house in Heathfield does my lawyer need to be on the Kent Reliance Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I am in the process of removing a name from a joint mortgage and the Kent Reliance need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Witham lawyer to deal with the transfer of equity? They need to be on the Kent Reliance conveyancing panel.
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Kent Reliance?

Examples of questions in a conveyancing solicitor questionnaire concerning a Kent Reliance Transfer of Equity

Please provide a copy of your National Insurance Number?

Is the transfer of equity subject to a court order? If yes please supply a copy

Has one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.

Please give the name(s) and addresse(s) of anyone to be added to the property title?

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 provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Caveats to be read in supplemental the above Kent Reliance 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 Kent Reliance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

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 landlord. If such conditions are not complied with you may be in breach of your covenants under 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 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 Kent Reliance 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 Kent Reliance 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 the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Kent Reliance your property may be repossessed.

Preparing the Transfer of Equity with a Kent Reliance 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 Kent Reliance 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 conveyancer 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 Kent Reliance transfer of equity