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Keystone Property Finance

Frequently asked questions relating to Keystone Property Finance transfer of equity

  • I am thinking of mortgaging my home in Wakefield does my lawyer need to be on the Keystone Property Finance Solicitor panel. The conveyancing also involves a transfer of equity.
  • Been reviewing online forums 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 need to be transferring equity and simultaneously remortgaging with Keystone Property Finance
  • What is the process for having someone removed off the deeds to a property where the home loan is with Keystone Property Finance
  • I am disposing of my equity in property in Warwick to the other co-owners fiance, they are sticking with Keystone Property Finance as the the existing lender. We are haggling as to who should cover the legal bill for the transfer of equity. Is this normally shared or is one party liable for the costs of?
  • My Keystone Property Finance home loan we jointly entered into with ex, who has agreed to be removed and put the house in my name alone. Keystone Property Finance have consented to the transfer of equity to me solely. Will Keystone Property Finance contact my company to confirm my salary?
  • I plan to remortgage my home in Crabtree switching from Coventry BS to Keystone Property Finance. The home is currently in joint names but I would like it to be in my sole name when I transfer. My husband is OK with this and is happy to transfer equity but neither of us want to get a second conveyancing solicitor involved.
  • My partner and I co-own a house in Ampthill . Mortgage is with Keystone Property Finance. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be straightforward?

Sample of information requested in a lawyer form concerning a Keystone Property Finance Transfer of Equity

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

Please give the name(s) and addresse(s) of anyone to be added to the title deeds?

Who will be responsible for the costs of the Transfer of Equity?

If are going to hold 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 list all persons who occupy the property, their respective ages and relationships to you.

Please provide a copy of your National Insurance Number?

Information to consider in in addition to 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 titles

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 conditions are not complied with you may be in breach of your covenants under 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 valuation of the property at finalisation of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Keystone Property Finance your property may be repossessed.

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 provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as 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