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Keystone Property Finance transfer of equity example support desk enquires

  • I got divorced two years ago. Foolishly I never got around to change the ownership from the current 'joint' status to my sole name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Keystone Property Finance is content to transfer the property and loan in my name (financial checks done). Does my ex need any legal representation?
  • At what stage do I incur the Stamp Duty Land Tax payable for the transfer of equity in my property in my sole name which is happening simultaneously with a switching mortgage via Keystone Property Finance?
  • Can I transfer the equity held in my property with my Keystone Property Finance home loan?
  • Law month I separated from my ex of 18 years. I'm now back with my parents again and she wants to stay in the apartment and pay me off. What portion do I get. Is it 50% of the equity after discharging the mortgage with Keystone Property Finance? I assume proper valuations are necessary but I would like to be sure that I'm getting what I am entitled to
  • Online research suggests that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I need to be transferring equity and at the same time switching mortgage with Keystone Property Finance
  • I am hoping to refinance my apartment in Heathfield moving from Lloyds TSB to Keystone Property Finance. The apartment is jointly owned but intend for it to be in my sole name as and when I transfer. My husband is OK with this and is willing to sign a form but neither of us want to incur conveyancing solicitor charges.
  • I am mortgaging my apartment in Friern Barnet does my lawyer need to be on the Keystone Property Finance Conveyancing panel. The conveyancing also involves a transfer of equity.

Information that may be required from your conveyancing solicitor is likely to ask in relation to your Keystone Property Finance Transfer of Equity

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

Please give the details of anyone to be extracted from the title deeds?

Has consent been obtained from Keystone Property Finance to the proposed transfer of equity?

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

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please provide a copy of your National Insurance Number?

Important warnings to consider in further to 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

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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to 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 varies based on the market value of the property at the conclusion 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.


Frequently asked questions relating to Keystone Property Finance transfer of equity