Recently asked questions relating to Keystone Property Finance transfer of equity

• My existing home loan is with Keystone Property Finance. Can I transfer equity to someone who is not yet 18 years old?
• Me and a friend got a joint mortgage with Keystone Property Finance on a apartment about a year ago. I am now looking to get a property by myself and my friend would like to buy me out. Assuming we can agree an amount what are the next steps? Would there be any potential concerns with Keystone Property Finance with him being solely liable for the total loan rather than only part of it?
• Keystone Property Finance yesterday agreed I can take over the home loan on the flat. I previously applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry in addition?
• Law week I split up with my ex of thirty years. I'm now back with my mum and dad and she wishes to remain in the flat and pay me off. What portion am I entitled to. Is it half of the equity after redeeming the mortgage with Keystone Property Finance? I assume proper valuations are necessary but I would like to be confident that I'm getting I am not being taken advantage of
• Is it possible to apply to borrow a further advance from Keystone Property Finance as part of a Transfer of Equity?
• Can you tell me how to have someone removed from the title documents to a house where the mortgage is with Keystone Property Finance
• My former wife are seeking 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 websites and the results are from all over the country. Is it important to appoint a lawyer local to us?

Sample of questions in a conveyancing solicitor form concerning a Keystone Property Finance Transfer of Equity

Important warnings to consider in in addition to the above Keystone Property Finance transfer of equity Advice :

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

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 conditions are not complied with you may be in violation of 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 varies based 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 conveyancing solicitor 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.