Sample questions relating to Kent Reliance transfer of equity

• My partner and myself have 50:50 shares in a BTL. I am a top rate tax payer. Preferably I wish to do a transfer of equity to her sole name in order mitigate tax on rental income. Assuming Kent Reliance are content with this the legal fees are inexpensive. What are the implications when we dispose of the property? As I would no longer be on the title documents would I lose my CGT relief.
• My partner and I co-own a property in Dunnington . Mortgage is with Kent Reliance. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
• Can you tell me how to have a person removed off the title documents to a property where the mortgage is with Kent Reliance
• I am are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Kent Reliance. I I am concerned about appointing the wrong one and there's various conveyancing solicitors who do transfer of equity conveyancing out there...how do I know which to select?
• How much the typical legal charges are for a transfer of equity? I need to transfer equity and refinance - moving over to Kent Reliance - and have been quoted Three Hundred pounds excluding VAT by Kent Reliance's appointed conveyancer, Have I been over quoted?
• Is there such a thing a transfer of equity stamp duty calculator?
• Is it possible to transfer the equity held in my property with my Kent Reliance mortgage?

Questions that your conveyancer could ask about your Kent Reliance Transfer of Equity

General Advice to read in supporting 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 properties

Should the tenure of your property be leasehold, provisions in 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 violation of 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 varies based on the valuation of the property at the conclusion of the transfer of equity transaction.

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 conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within 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.