Common questions relating to Legal & General Home Finance transfer of equity

• What are the average conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Legal & General Home Finance - and have been quoted Three Hundred pounds including VAT by Legal & General Home Finance's appointed conveyancing solicitor, Is this is a good price or not?
• I got my Decree Absolute two years ago. I simply never got around to transfer ownership from the current 'joint' status to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Legal & General Home Finance is happy to transfer the property and loan in my name (financial checks done). Does she need a lawyer?
• My -ex-husband and I are in the market for an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Legal & General Home Finance. I want to avoid being ripped off but with lots of conveyancing practices who do transfer of equity conveyancing to pick from...who's the best?
• What do I need to do when it comes adding or removing names (transfer of equity) to or from my Legal & General Home Finance mortgage account?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Legal & General Home Finance?
• Can I transfer the equity held in my property with my Legal & General Home Finance home loan?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Legal & General Home Finance?

Questions that your conveyancer could ask in relation to your Legal & General Home Finance Transfer of Equity

Caveats to be read in supplemental the above Legal & General Home Finance 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 Legal & General Home Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of 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 conveyancer 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 varies based on the valuation of the property at the time of completion of the transfer of equity conveyancing.

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