LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
New Life Mortgages

Legal & General Home Finance transfer of equity example support desk enquires

  • My Legal & General Home Finance home loan is in joint names with ex, he is agreeable to be removed and put the house in my name alone. Legal & General Home Finance will permit the transfer of equity to me solely. Do Legal & General Home Finance get in touch with my boss to verify my salary?
  • What is the process for having a person removed from the title documents to a property where the home loan is with Legal & General Home Finance
  • My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity for the property and the Legal & General Home Finance home loan. I have called Legal & General Home Finance for the transfer of equity forms. What do I do now?
  • Is it possible to transfer the equity held in my property with my Legal & General Home Finance home loan?
  • I am mortgaging my property in Friern Barnet does my lawyer have to be on the Legal & General Home Finance Conveyancing panel. The conveyancing also involves a transfer of equity.
  • As things stand I have a joint Legal & General Home Finance mortgage with my step-brother and am looking into the possibility of him taking on the whole mortgage and removing myself from it, so as to enable me to purchase a place with my fiance. The remaining mortgage is about 250k, and the property value is approx 500k. Is this a transfer of equity? Is land tax due?
  • Two years ago I bought a property without my partner's name on the ownership paperwork. My conveyancing solicitor advised it is due to the fact that she was not in the loan offer with Legal & General Home Finance. I'm wondering is there any way that I can put her name on the deeds?

Information that may be required from your conveyancer could ask about your Legal & General Home Finance Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Can you provide the name(s) and addresse(s) of anyone who jointly owns the property with you?

Please provide a copy of your National Insurance Number?

Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Have you approached Legal & General Home Finance to seek consent to the Transfer of Equity

General Advice to read in in addition to the above Legal & General Home Finance 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 Legal & General Home Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

Should the tenure of your property be leasehold, provisions in the lease may require 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 trigger 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 lawyer will check with Legal & General Home Finance 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 Legal & General Home Finance 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 valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Legal & General Home Finance your property may be repossessed.

Preparing the Transfer of Equity with a Legal & General Home Finance 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 Legal & General Home Finance 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 provided on 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.


Frequently asked questions relating to New Life Mortgages transfer of equity