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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.

Frequently asked questions relating to Kent Reliance transfer of equity

  • What is the process for having a person removed off the deeds to a house where the mortgage is with Kent Reliance
  • How and when do I cover the costs of the Stamp Duty Land Tax payable for the transfer of equity in my home in my name alone which is happening simultaneously with a remortgage via Kent Reliance?
  • I currently have a joint Kent Reliance mortgage with my brother and am looking into the possibility of him taking on the outstanding mortgage and removing myself from it, to enable me to buy a place with my partner. The outstanding mortgage is approx 175k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty due?
  • My divorce has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Kent Reliance mortgage. I have called Kent Reliance for the transfer of equity application. What happens next?
  • In 2009 I bought a house without my wife's name on the ownership paperwork. My conveyancer advised it is because she was not in the mortgage with Kent Reliance. Is it possible for me to put her name on the deeds?
  • My current mortgage is with Kent Reliance. Can I transfer equity to someone under eighteen years old?
  • Am I best advised stop my mortgage payments with Kent Reliance once a date for my remortgage and transfer of equity has been agreed?

Questions that your conveyancer is likely to ask in relation to your Kent Reliance Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be removed from the property title?

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

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

Have you approached Kent Reliance to seek consent to the Transfer of Equity

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

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

Important warnings to consider in supporting the above Kent Reliance transfer of equity Advice :

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 restrictions are not strictly observed you may be in violation 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 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 finalisation 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