LenderPanel.com

Find a Law Firm approved by
LendInvest

Are you in need of a Transfer of Equity with a LendInvest mortgage? Failing to check that a lawyer is on the LendInvest list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

LendInvest transfer of equity example support desk enquires

  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with LendInvest?
  • What is the process for adding or removing names (transfer of equity) to or from my LendInvest mortgage account?
  • I plan to refinance my maisonette in Sedgefield changing from Coventry BS to LendInvest. The apartment is currently in joint names but wish for it to be in my name only as and when I transfer. My wife has verbally consented to this and is happy to transfer equity but neither of us want to incur lawyer charges.
  • What if my application doesn't meet LendInvest lending criteria for a transfer of equity?
  • I am led to believe we would need at least AP1 and TR1. Is this true?
  • At what point do I cover the costs of stamp duty chargeable for the transfer of equity in my house in my name alone which is taking place at the same time as a switching mortgage via LendInvest?
  • After three years estranged I have opted to transfer my share of the former home to my husband who is re-mortgaging with LendInvest. Could this transfer of equity be done in less than 28 days?

Questions that your lawyer could ask regarding your LendInvest Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

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

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the additional fee (beyond the Transfer of Equity fee)?

Where you are adding someone on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Is the transfer of equity subject to a court order? If yes please supply a copy

Caveats to be read in conjunction with the above LendInvest 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 LendInvest conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not strictly observed you may be in breach 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 conveyancer 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 varies based 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 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.


Frequently asked questions relating to LendInvest transfer of equity