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Kent Reliance

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.

Sample questions relating to Kent Reliance transfer of equity

  • I jointly own a apartment in Winchelsea , with a Kent Reliance mortgage with my ex husband. Him and his fiance are going to acquire my share. We had the go ahead from Kent Reliance to substitute my name with hers. The transfer of equity has to be completed by a conveyancer for Kent Reliance (supposedly). Is it possible for us to deal with the Land Registry change?
  • I am considering refinancing my apartment in Heathfield does my lawyer need to be on the Kent Reliance Solicitor panel. The conveyancing also involves a transfer of equity.
  • My Kent Reliance mortgage we jointly entered into with ex, who has agreed to come off the deeds and put the house in my name alone. Kent Reliance will permit the transfer of equity to my individual name. Do Kent Reliance contact my employer to check my salary?
  • I recently purchased a apartment without my partner's name on the ownership paperwork. My conveyancer advised it is due to the fact that she is not in the loan offer with Kent Reliance. I'm wondering is there any way that I can put her name on the deeds?
  • I am planning on removing a name from a joint mortgage and the Kent Reliance need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the Kent Reliance conveyancing panel.
  • What can I do where I am not happy with the conveyancing solicitor who undertook my transfer of equity conveyancing?
  • I am am in need of a conveyancer to undertake my transfer of equity. Kent Reliance have been approached for a remortgage. I thought of asking my financial adviser. I am lead to believe he may get a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic misguided?

Sample of information requested in a lawyer questionnaire concerning a Kent Reliance Transfer of Equity

Can you give the details of those who jointly own the premises with you?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive what amounts

Please give the details of anyone to be added to the title deeds?

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

Is it the case that one of the registered owners passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Important warnings to consider 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

If your property is leasehold, provisions in 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 terms are not adhered to you may be in breach 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 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 time of completion 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 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 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.


Frequently asked questions relating to Kent Reliance transfer of equity