Keystone Property Finance transfer of equity example support desk enquires
- What do I need to do when it comes adding or removing names (transfer of equity) to or from my Keystone Property Finance mortgage account?
- My divorce has gone through as is the consent order. Now I have to address the transfer of equity on title deeds and the Keystone Property Finance mortgage. I have contacted Keystone Property Finance for the transfer of equity application. What happens next?
- Me and a friend got a joint mortgage with Keystone Property Finance on a apartment in 2013. I am now thinking of buying a flat on my own and my friend would like to buy me out. Assuming we can agree a price where do we go? Is there likely to be any concerns with Keystone Property Finance with him being solely liable for the total mortgage rather than only half of it?
- My partner and myself have equal shares in a buy to let. I am a top rate tax payer. Preferably I would like to complete a transfer of equity into her name in order mitigate tax on the letting income. Assuming Keystone Property Finance are content with this the legal fees are not high. However what happens when we sell? Would my GGT relief be lost.
- I am hoping to refinance my home in Dunnington
switching from Coventry BS to Keystone Property Finance. The apartment is jointly owned but propose for it to be in my sole name once I switch. My former partner is OK with this and is willing to sign a form but neither of us want to incur conveyancer fees.
- Do I need legal representation when doing a transfer of equity where the home loan is to remain with Keystone Property Finance?
- Online reading suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor where I am transferring equity and at the same time remortgaging with Keystone Property Finance
Examples of questions in a lawyer form relating to Keystone Property Finance Transfer of Equity
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
Please provide the details of those who jointly own the property with you?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Who will be responsible for the costs of the Transfer of Equity?
Would you like us to draw up a Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Information to consider in supporting the above Keystone Property Finance transfer of equity Questions and Answers :
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 properties
If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 conveyancing solicitor 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 time of completion of the transfer of equity transaction.
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 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.