Top seven questions relating to Keystone Property Finance transfer of equity

• I am planning on removing a name from a joint mortgage and the Keystone Property Finance require me to use a conveyancing solicitor to carry out the conveyancing. Can you recommend a reasonably priced Rye conveyancer to deal with the transfer of equity? They need to be on the Keystone Property Finance conveyancing panel.
• Law week I separated from my wife of 18 years. I'm now living with my mum and dad and she wishes to remain in the flat and buy me out. What portion do I get. Is it half of the equity after discharging the mortgage with Keystone Property Finance? I assume proper valuations are required but I would like ensure that I'm getting the best deal
• When it comes to transfer of equity conveyancing involving a remortgage with Keystone Property Finance should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• How much the typical conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - moving over to Keystone Property Finance - and have been quoted £350 excluding VAT by Keystone Property Finance's approved lawyer, Have I been over quoted?
• I am transferring my equity in house in Woodside to the other co-owners husband, they are sticking with Keystone Property Finance as the the existing mortgage company. We are debating as to who should cover the fees for the transfer of equity. Is this normally split or is one party liable for the fees for?
• Will I have to pay any fees for a Transfer of Equity where the current home loan is with Keystone Property Finance?
• My former wife are looking to get a conveyancer in place for a refinance with Keystone Property Finance. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over the country. How necessary is it to have a conveyancer local to us?

Questions that your conveyancing solicitor is likely to ask in relation to your Keystone Property Finance Transfer of Equity

Important warnings to consider in in addition to the above Keystone Property Finance transfer of equity Questions and Answers :

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 Keystone Property Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 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.

Preparing the Transfer of Equity with a Keystone Property Finance 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 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 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.