LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
LendInvest

Examples of recent questions relating to LendInvest transfer of equity

  • The mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with LendInvest - Surely it’s advisable to just use them?
  • My divorce has gone through as is the consent order. Now I need to address the transfer of equity on title deeds and the LendInvest home loan. I have called LendInvest for the transfer of equity forms. What happens next?
  • I am considering remortgaging my home in Ampthill does my lawyer need to be on the LendInvest Solicitor panel. The conveyancing also involves a transfer of equity.
  • My current mortgage is with LendInvest. Can I transfer equity to someone under 18 years old?
  • Can I apply to borrow a further advance from LendInvest as part of a Transfer of Equity?
  • What is the process for adding or subtracting names (transfer of equity) to or from my LendInvest mortgage account?
  • I am filling out a LendInvest transfer of equity form and have arrived at the section concerning debts etc. There are some debts that I have been reducing since 2009, in fact they no longer remain my credit records. Must I reveal these?

Sample of questions in a conveyancer form concerning a LendInvest Transfer of Equity

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?

Please give the details of anyone to be added to the title deeds?

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be removed from the title deeds?

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

Has consent been obtained from LendInvest to the proposed transfer of equity?

Information to consider in supporting the above LendInvest transfer of equity Advice :

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 LendInvest 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 have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in breach 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 lawyer will check with LendInvest 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 LendInvest 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 time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with LendInvest.

Preparing the Transfer of Equity with a LendInvest 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 LendInvest 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 LendInvest transfer of equity