Kent Reliance transfer of equity: q and a’s
- 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 Romsey
lawyer to deal with the transfer of equity? They need to be on the Kent Reliance conveyancing panel.
- How and when do I incur stamp duty payable for the transfer of equity in my property in my name alone which is happening at the same time as a switching mortgage with Kent Reliance?
- My Kent Reliance mortgage is in joint names with ex, he is agreeable to come off the mortgage and let me have the property. Kent Reliance will permit the transfer of equity to my individual name. Will Kent Reliance call my employer to confirm my salary?
- I jointly own a flat in Blaenavon
, with a Kent Reliance mortgage with my former husband. Him and his new partner are going to buy me out. We had approval from Kent Reliance to substitute my name with hers. The transfer of equity has to be done by a lawyer for Kent Reliance (apparently). In order to save fees can I do the Land Registry change?
- I am am in need of a conveyancing solicitor to undertake my transfer of equity. Kent Reliance are dealing with the remortgage. I thought of asking my financial adviser. I understand he may get a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
- Me and my former partner and I are in the market for a quality conveyancing lawyer to assist in a transfer of equity and refinance with Kent Reliance. I I am fearful of by bill escalating out of control and there are various conveyancing firms who do transfer of equity conveyancing to choose from...how do I know which one is best appoint?
- Two years ago I bought a apartment without my fiance’s name on the title. My lawyer said it is because she was not in the loan offer with Kent Reliance. Is it possible for me to add her name on the deeds?
Sample of information requested in a conveyancer form relating to Kent Reliance Transfer of Equity
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.
Please provide a copy of your National Insurance Number?
Who will be responsible for the costs of the Transfer of Equity?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please give the name(s) and addresse(s) of anyone who jointly owns the premises with you?
If 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?
Important warnings to consider in supporting the above Kent Reliance transfer of equity Info :
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
Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 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 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 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 conveyancing solicitor 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 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.