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Kent Reliance

Sample questions relating to Kent Reliance transfer of equity

  • Online reading suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with Kent Reliance
  • How much the typical conveyancing fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to Kent Reliance - and have been quoted Four Hundred pounds plus VAT by Kent Reliance's appointed lawyer, Have I been over quoted?
  • My brother and I got a joint mortgage with Kent Reliance on a flat a couple of years ago. I am now looking to get a house on my own and my friend would like to buy me out. On the basis that we can settle on a price where do we go? Is there likely to be any problem with Kent Reliance with him being responsible for the total loan as opposed to only part of it?
  • Is it possible to transfer the equity held in my property with my Kent Reliance mortgage?
  • I am in the process of removing a name from a joint mortgage and the Kent Reliance need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Crabtree lawyer to deal with the transfer of equity? They need to be on the Kent Reliance conveyancing panel.
  • I am selling my share of a house in Hendon to my co-owners husband, they are reapplying to Kent Reliance. We are debating as to who must cover the fees for the transfer of equity. Should this be shared or is one of us liable for the costs of?
  • My existing home loan is with Kent Reliance. Can I transfer equity to someone less than eighteen years old?

Information that may be required from your conveyancer may ask in relation to your Kent Reliance Transfer of Equity

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

Has one of the registered proprietors passed away? If so please forward us with a copy of the Death Certificate, Probate and a copy of the Will.

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

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

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

Information to consider in further to 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 obtain the consent of the landlord. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 conclusion 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 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 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