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Kent Reliance

Frequently asked questions relating to Kent Reliance transfer of equity

  • The mortgage broker has suggested using their lawyer for my Transfer of Equity plus remortgage with Kent Reliance - Is it not simpler advisable to just use them?
  • Three years ago I bought a flat without my wife's name on the deeds. My conveyancer advised it is because she is not in the mortgage with Kent Reliance. I'm wondering is there any way that I can put her name on the deeds?
  • Me and my partner jointly own a house in Wakefield . Home loan is with Kent Reliance. I want to transfer full ownership to him with no passing of money but without using a conveyancer. Do you think this should be straightforward?
  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am answering a Kent Reliance transfer of equity application and have arrived at the section concerning debts etc. There are some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit score. Do I need to reveal these?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Kent Reliance?
  • What are my options where I am unhappy with the lawyer who undertook my transfer of equity conveyancing?

Information that may be required from your conveyancer may ask about your Kent Reliance Transfer of Equity

Has one of the registered proprietors passed away? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please provide a copy of your National Insurance Number?

Has consent been obtained from Kent Reliance to the proposed transfer of equity?

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

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please confirm if you are making any payment for the Transfer of Equity and to whom and notify us the amount?

Important warnings to consider in in addition to 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 premises

If your property is leasehold, 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 violation 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 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 finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Kent Reliance.

Preparing the Transfer of Equity with a Kent Reliance 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 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 conveyancing solicitor 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 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 Kent Reliance transfer of equity