Common questions relating to LiveMore transfer of equity

• I am transferring my share of a house in Hendon to my co-owners fiance, they are sticking with LiveMore being the the existing mortgage company. We are debating as to who should cover the costs of the transfer of equity. Should this be shared or is one party liable for the charges for?
• My former husband are planning to get a conveyancer lined up for a new mortgage with LiveMore. Transfer of Equity conveyancing is also requiredI have used the different rating based tools and the results are from all over England and Wales. How necessary is it to appoint a conveyancer local to us?
• I am completing a LiveMore transfer of equity form and have arrived at the section regarding defaults etc. There are some debts that I have been reducing since 2007, I understand that they no longer remain my credit score. Am I obliged to set these out?
• LiveMore have today agreed I can take over the mortgage on the house. I have applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
• I am in the process of removing a name from a joint mortgage and the LiveMore require me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancing solicitor to deal with the transfer of equity? They need to be on the LiveMore conveyancing panel.
• When it comes to transfer of equity conveyancing involving refinance with LiveMore should I be paying VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
• Do I need legal representation when doing a transfer of equity where the home loan is to remain with LiveMore?

Information that may be required from your lawyer may ask about your LiveMore Transfer of Equity

General Advice to read in in addition to the above LiveMore 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 LiveMore conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

Should the tenure of your property be 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 violation 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 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 LiveMore 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 LiveMore 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 market value of the property at finalisation of the transfer of equity transaction.

Preparing the Transfer of Equity with a LiveMore 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 LiveMore 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 contained within 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.