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Are you in need of a Transfer of Equity with a Kent Reliance (a trading name of OneSavings Bank plc) mortgage? Failing to check that a lawyer is on the Kent Reliance (a trading name of OneSavings Bank plc) list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Questions and answers: Kent Reliance transfer of equity

  • I currently have a joint Kent Reliance mortgage with my step-brother and am investigating the option of him taking on the outstanding mortgage and subtracting myself from it, so as to enable me to buy a property with my fiance. The remaining mortgage is approx 200k, and the property value is approx 500k. Is this a transfer of equity? Is land tax payable?
  • I intend to refinance my apartment in Wakefield changing from Godiva Mortgages to Kent Reliance. The apartment is currently in joint names but propose for it to be in my sole name once I switch. My former partner has agreed to this and is willing to sign a form but neither of us want to get a second lawyer involved.
  • I purchased a house with my brother in 2010 Since then, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Kent Reliance mortgage. There is a 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
  • I already have a home loan with Kent Reliance and am maintaining my current mortgaging but wish to have have the equity transferred to my name only so my ex will be removed from the deeds. How long does the whole transfer of equity process take?
  • What if my application doesn't meet Kent Reliance lending criteria for a transfer of equity?
  • Will I have to pay any charges for a Transfer of Equity where the current home loan is with Kent Reliance?
  • Last year purchased a apartment without my wife's name on the title. My conveyancing solicitor said it is due to the fact that she was not in the mortgage with Kent Reliance. Is it possible for me to add her name on the title?

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

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

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

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

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

Can you give the name(s) and addresse(s) of anyone who jointly owns the premises with you?

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

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

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 conveyancing solicitor 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 finalisation of the transfer of equity transaction.
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 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 lawyer 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