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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.

Frequently asked questions relating to LendInvest transfer of equity

  • How do I go about adding or subtracting names (transfer of equity) to or from my LendInvest mortgage account?
  • Me and my partner co-own a house in Romsey . Mortgage is with LendInvest. I want to transfer full ownership to him with no payment of money but without using a lawyer. Do you think this should be simple?
  • I understand we would need at least AP1 and TR1. Is this true?
  • I am looking for a lawyer to deal with my transfer of equity. LendInvest have been approached for a refinancing. I considered asking my mortgage broker. I understand he will likely receive a kickback for suggesting a firm, but also of benefit will be that he knows the lawyer, has dealt with them before. Any flaws you see in this way of thinking?
  • Having been 4 years estranged I have opted to relinquish up my interest in our property to my husband who is refinancing with LendInvest. Could this transfer of equity be completed in one month?
  • Will I have to pay any fees for a Transfer of Equity where the existing mortgage is with LendInvest?
  • When it comes to transfer of equity conveyancing involving refinance with LendInvest should I be paying value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee

Examples of information requested in a conveyancing solicitor form relating to LendInvest Transfer of Equity

Can you provide the details of anyone who jointly owns the premises with you?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Have you approached LendInvest to seek consent to the Transfer of Equity

Is there to be any consideration monies passing between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?

Caveats to be read in in addition to the above LendInvest transfer of equity Questions and Answers :

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 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 your covenants under 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 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 conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed.

Preparing the Transfer of Equity with a LendInvest 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 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 conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content 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