Examples of recent questions relating to Precise Mortgages transfer of equity

• My mother died half a year ago leaving a unencumbered property to me and my brother in equal shared. Having continues to reside at the property, there was a condition in her will saying the premisescould 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 property beyond the prescribed 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 traditional way to acquire my equity?
• I already have a home loan with Precise Mortgages and am keeping my existing mortgaging but applying to have have the equity transferred to my name only so my former husband will no longer be on the title. How long can it take for the application to be processed?
• I understand we would need at least AP1 and TR1. Is this true?
• I plan to refinance my apartment in Miles Platting changing from Godiva Mortgages to Precise Mortgages. The maisonette is jointly owned but I would like it to be in my name only once I transfer. My wife is OK with this and is happy to transfer equity but neither of us want to get a second conveyancer involved.
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with Precise Mortgages?
• What should I be budgeting for when it comes to what conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Precise Mortgages - and have been quoted Four Hundred pounds plus VAT by Precise Mortgages's appointed , Have I been over quoted?
• Have recently split up with my ex of thirty years. I'm now living with my parents again and she wishes to remain in the flat and pay me off. What percentage am I entitled to. Is it 50% of the equity after paying off the Precise Mortgages home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting I am not being taken advantage of

Questions that your lawyer is likely to ask regarding your Precise Mortgages Transfer of Equity

General Advice to read in supplemental the above Precise Mortgages 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 Precise Mortgages 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 have a license to do so from the landlord. If such restrictions are not strictly observed 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 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 Precise Mortgages 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 Precise Mortgages 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 market value of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Precise Mortgages 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 Precise Mortgages 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. Lender Panel.com Ltd will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.