Examples of recent questions relating to LiveMore transfer of equity
- Can you tell me how to have a person removed off the deeds to a house where the home loan is with LiveMore
- I already have a mortgage with LiveMore and am retaining my existing mortgaging but wish to have it in my sole name so my ex will come off the mortgage. How long can it take for the application to be processed?
- I am planning on removing a name from a joint mortgage and the LiveMore need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the LiveMore conveyancing panel.
- I purchased a house with my cousin in 2008 Since purchasing the property, 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 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
- Having been 2 a couple of years estranged I have opted to relinquish up my interest in our property to my husband who is re-mortgaging with LiveMore. Could this transfer of equity be completed in 28 days?
- My divorce is through as is the consent order. Now I have to sort out the transfer of equity on title deeds and the LiveMore mortgage. I have asked LiveMore for the transfer of equity forms. What happens next?
- My mum died seven months ago leaving a unencumbered property to me and my half brother in equal shared. He has always lived in the house, there was a condition in her will saying the housecould not be sold for three years following her passing so he could remain there for a while. He now says he would like to remain in the premises beyond the prescribed period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a mortgage in the conventional way to buy my half from me?
Questions that your lawyer is likely to ask about your LiveMore Transfer of Equity
Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the additional fee (beyond the Transfer of Equity fee)?
Is the transfer of equity subject to a court order? If yes please supply a copy
Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
General Advice to read in further 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
If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 conveyancing solicitor 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 valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with LiveMore.
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.
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.