Recently asked questions relating to LiveMore transfer of equity

• I own a house in Miles Platting , with a LiveMore loan with my ex partner. He and his new partner are going to acquire my share. We had approval from LiveMore to substitute my name with hers. The transfer of equity needs to be completed by a lawyer for LiveMore (supposedly). Is it possible for us to deal with the Land Registry change?
• My LiveMore mortgage we jointly entered into with ex, he has agreed to come off the deeds and put the house in my name alone. LiveMore will permit the transfer of equity to me solely. Will LiveMore get in touch with my company to check my salary?
• My former husband are planning to get a conveyancer in place for a refinance with LiveMore. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over UK. Do we need to instruct a conveyancer local to us?
• How and when do I pay stamp duty payable for the transfer of equity in my home in my sole name which is taking place at the same time as a refinancing via LiveMore?
• My existing mortgage is with LiveMore. Can I transfer equity to someone less than 18 years old?
• I am trying to find a conveyancing solicitor to undertake my transfer of equity. LiveMore are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely get a kickback for recommending a firm, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
• My mum died half a year ago leaving a unencumbered property to me and my half brother equally. Having continues to reside at the premises, there was a clause in the will specifying that the propertycould not be sold for three years following her passing so he could remain there for a while. He now wants to remain in the property beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the usual way to purchase my share?

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

Important warnings to consider in conjunction with the above LiveMore transfer of equity Info :

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, 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 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 pursuant to 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 conveyancer 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 conclusion 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 lawyer 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.