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

  • Been reviewing online blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and simultaneously refinancing with Legal & General Home Finance
  • I am selling my equity in apartment in Warwick to the other co-owners husband, they are sticking with Legal & General Home Finance as the the existing lender. We are haggling as to who must cover the charges for the transfer of equity. Should this be shared or is one party obliged to cover the fees for?
  • I intend to refinance my apartment in Wakefield changing from Birmingham Midshires to Legal & General Home Finance. The apartment is jointly owned but wish for it to be in my name only as and when I transfer. My former partner is OK with this and is happy to sign a form but neither of us want to incur conveyancing solicitor fees.
  • My existing mortgage is with Legal & General Home Finance. Can I transfer equity to someone less than eighteen years old?
  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with Legal & General Home Finance?
  • My former husband are looking to get a lawyer lined up for a refinance with Legal & General Home Finance. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to have a conveyancing solicitor local to us?
  • Can I transfer the equity held in my property with my Legal & General Home Finance mortgage?

Examples of questions in a conveyancing solicitor form relating to Legal & General Home Finance Transfer of Equity

Who will be responsible for the costs of the Transfer of Equity?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what amounts

Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please give the name(s) and addresse(s) of those who jointly own the premises with you?

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Important warnings to consider in conjunction with 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

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of 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 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 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 finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Legal & General Home Finance.

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 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.


Frequently asked questions relating to New Life Mortgages transfer of equity