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Kent Reliance

Recently asked questions relating to Kent Reliance transfer of equity

  • I am planning on removing a name from a joint mortgage and the Kent Reliance need me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Ampthill conveyancing solicitor to deal with the transfer of equity? They need to be on the Kent Reliance conveyancing panel.
  • Is stamp duty payable when it comes to an transfer of equity with a mortgage with Kent Reliance?
  • Can I transfer the equity held in my property with my Kent Reliance home loan?
  • I got my Decree Absolute four years ago. Foolishly I never got around to transfer 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. Kent Reliance is content to transfer the property and loan in my name (affordability checks done). Does she need a conveyancer?
  • How do I go about adding or removing names (transfer of equity) to or from my Kent Reliance mortgage account?
  • I am completing a Kent Reliance transfer of equity application and have come to the questions regarding debts etc. There are some debts that I have been clearing over a long period, in fact they no longer remain my credit records. Am I obliged to set these out?
  • Me and my former fiance and I are searching for a value for money conveyancing lawyer to assist in a transfer of equity and refinance with Kent Reliance. I I am concerned about appointing the wrong one but with many conveyancing firms who do transfer of equity conveyancing to pick from...how do I know which is best select?

Information that may be required from your conveyancer is likely to ask regarding your Kent Reliance Transfer of Equity

We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

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

Where you 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 state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please give the details of anyone to be removed from the property title?

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

General Advice to read in supplemental the above Kent Reliance transfer of equity Questions and Answers :

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 Kent Reliance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 conveyancer 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 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 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 conveyancer 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.

Information provided 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