Examples of recent questions relating to LiveMore transfer of equity

• Will I incur any fees for a Transfer of Equity where the current home loan is with LiveMore?
• My ex are seeking to get a lawyer lined up for a new mortgage with LiveMore. Transfer of Equity conveyancing is also neededI have used the different rating based websites and the results are from all over UK. Do we need to have a conveyancer local to us?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with LiveMore?
• My existing home loan is with LiveMore. Can I transfer equity to someone less than 18 years old?
• I am trying to find a lawyer to deal with my transfer of equity. LiveMore have been approached for a refinancing. I thought of asking my financial adviser. I understand he will likely get a referral fee for recommending someone, 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?
• I currently have a joint LiveMore mortgage with my cousin and am investigating the possibility of him assuming responsibility for the outstanding mortgage and subtracting myself from it, to enable me to buy a property with my fiance. The remaining mortgage is in the region 300k, and the property value is approx 450k. Is this a transfer of equity? Is stamp duty due?
• I acquired a flat with my brother in 2008 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the LiveMore mortgage. There is a significant difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

Sample of questions in a conveyancer questionnaire concerning a LiveMore Transfer of Equity

Information to consider in further to the above LiveMore transfer of equity Info :

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 LiveMore conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 the time of completion 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 conveyancing solicitor 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 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.