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Frequently asked questions relating to Keystone Property Finance transfer of equity

  • Law month I separated from my ex of twenty years. I'm now back with my mum and dad and she wishes to remain in the flat and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the mortgage with Keystone Property Finance? I assume proper valuations are required but I really need to be sure that I'm getting the best deal
  • I am filling out a Keystone Property Finance transfer of equity form and have come to the section that asks about debts etc. There are some debts that I have been reducing for a number of years, I understand that they no longer remain my credit rating. Am I obliged to set these out?
  • Is it possible to apply to borrow more money from Keystone Property Finance as part of a Transfer of Equity?
  • My partner and I co-own a property in Witham . Home loan is with Keystone Property Finance. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be easy to so?
  • What are my options where I am unhappy with the conveyancer who carried out my transfer of equity conveyancing?
  • Having been 4 years estranged I have decided to transfer my interest in our former home to my husband who is re-mortgaging with Keystone Property Finance. Could this transfer of equity be completed inside one month?
  • I am in the process of removing a name from a joint mortgage and the Keystone Property Finance need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Witham lawyer to deal with the transfer of equity? They need to be on the Keystone Property Finance conveyancing panel.

Sample of information requested in a conveyancing solicitor form relating to Keystone Property Finance Transfer of Equity

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

Where you 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?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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

General Advice to read in supporting the above Keystone Property Finance 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 Keystone Property Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

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 landlord. If such terms are not adhered to 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 lawyer will check with Keystone Property Finance 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 Keystone Property Finance 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 valuation of the property at the conclusion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Keystone Property Finance.

Preparing the Transfer of Equity with a Keystone Property Finance Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Keystone Property Finance 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 Keystone Property Finance transfer of equity