Sample questions relating to Keystone Property Finance transfer of equity
- I already have a mortgage with Keystone Property Finance and am keeping my existing mortgaging but applying to have it in my sole name so my former partner won't be on it any longer. How long do Keystone Property Finance take to process the application?
- Will I incur any charges for a Transfer of Equity where the current home loan is with Keystone Property Finance?
- I jointly own a house in Rye
, with a Keystone Property Finance mortgage with my former husband. Him and his new partner are going to acquire my share. We had consent from Keystone Property Finance to substitute my name with hers. The transfer of equity has to be done by a conveyancer for Keystone Property Finance (apparently). In order to save fees can I deal with the Land Registry formalities?
- Been reviewing online blogs that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I am transferring equity and at the same time remortgaging with Keystone Property Finance
- After 5 years apart I have opted to give up my interest in the property to my husband who is refinancing with Keystone Property Finance. Could this transfer of equity be completed inside four weeks?
- I am trying to find a lawyer to handle my transfer of equity. Keystone Property Finance have been approached for a remortgage. I thought of asking my financial adviser. I am lead to believe he will likely receive a referral fee for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has a working relationship with them. Is my logic correct?
- My ex are planning to get a conveyancer in place for a refinance with Keystone Property Finance. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over the country. Is it important to have a conveyancing solicitor local to us?
Examples of questions in a conveyancing solicitor form relating to Keystone Property Finance Transfer of Equity
Can you provide the details of anyone who jointly owns the property with you?
Would you like us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
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 the transfer of equity has been formalised?
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?
Has one of the registered owners died? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
Information to consider in conjunction with the above Keystone Property Finance transfer of equity Info :
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 titles
Should the tenure of your property be leasehold, provisions in 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 breach of your covenants under the lease. This could potentially result in 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 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 finalisation 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 conveyancer 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 lawyer 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.