Top seven questions relating to LiveMore transfer of equity
- My LiveMore mortgage we jointly entered into with ex, who has agreed to come off the mortgage and put the house in my name alone. LiveMore will permit the transfer of equity to me solely. Do LiveMore get in touch with my employer to verify my salary?
- I am filling out a LiveMore transfer of equity application and have arrived at the questions regarding defaults etc. I do some debts that I have been reducing for a number of years, in fact they no longer remain my credit score. Must I disclose these?
- My former wife are looking to get a conveyancing solicitor in place for a new mortgage with LiveMore. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over England and Wales. Do we need to appoint a conveyancer local to us?
- Me and my former wife and I are are seeking to find an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with LiveMore. I want to avoid being ripped off and there are lots of conveyancing practices who do transfer of equity conveyancing to pick from...who do I opt for?
- I am in the process of removing a name from a joint mortgage and the LiveMore need me to use a lawyer to carry out the conveyancing. Can you recommend a reasonably priced Romsey
conveyancer to deal with the transfer of equity? They need to be on the LiveMore conveyancing panel.
- Last year purchased a flat without my partner's name on the deeds. My lawyer claimed it is because she is not in the mortgage with LiveMore. I'm wondering is there any way that I can put her name on the title?
- My father died half a year ago leaving a unencumbered house to me and my half brother 50:50. He has always lived in the premises, there was a condition in the will saying the housecould not be sold for 2 years following her passing so he could remain there for a prescribed period. He now wants to remain in the premises beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we'd get a valuation then he'd get a mortgage in the usual way to buy my equity?
Questions that your conveyancing solicitor is likely to ask about your LiveMore Transfer of Equity
Please provide the details of anyone to be extracted from the title deeds?
Has consent been obtained from LiveMore to the proposed transfer of equity?
Would you like us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Has one of the registered proprietors passed away? If so please supply us with a copy of the Death Certificate, Probate and a copy of the Will.
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
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?
Caveats to be read in further to the above LiveMore transfer of equity Advice :
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
Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 is dependent on the market value of the property at the time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with LiveMore your property may be repossessed.
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 conveyancing solicitor 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.