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Are you in need of a Transfer of Equity with a Vida Homeloans mortgage? Failing to check that a lawyer is on the Vida Homeloans list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Sample questions relating to Vida Homeloans transfer of equity

  • Is it possible to transfer the equity held in my property with my Vida Homeloans home loan?
  • I am transferring my share of a flat in Birmingham to the other co-owners fiance, they are reapplying to Vida Homeloans. We are haggling as to who should cover the legal bill for the transfer of equity. Should this be split or is one party liable for the legal bill?
  • I already have a mortgage with Vida Homeloans and am keeping my existing mortgaging but applying to have have the equity transferred to my name only so my former wife will come off the mortgage. How long can it take for the application to be processed?
  • What are the average legal charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Vida Homeloans - and have been quoted £350 including VAT by Vida Homeloans's appointed lawyer, Have I been over quoted?
  • Can I apply to borrow more money from Vida Homeloans as part of a Transfer of Equity?
  • How and when do I incur the Stamp Duty Land Tax payable for the transfer of equity in my house in my name alone which is happening at the same time as a refinancing via Vida Homeloans?
  • I currently have a joint Vida Homeloans mortgage with my step-brother and am investigating the possibility of him taking on the outstanding mortgage and removing myself from it, to enable me to buy somewhere with my soon-to-be-wife. The remaining mortgage is in the region 200k, and the property value is about 500k. Is this a transfer of equity? Is stamp duty due?

Questions that your conveyancing solicitor may ask regarding your Vida Homeloans Transfer of Equity

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

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

Please provide a copy of your National Insurance Number?

Please let us know of you wish us to draft you Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Information to consider in further to the above Vida Homeloans transfer of equity Info :

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 Vida Homeloans conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such conditions are not complied with 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 as a result of 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 conveyancing solicitor will check with Vida Homeloans 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 Vida Homeloans 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Vida Homeloans your property may be repossessed.

Preparing the Transfer of Equity with a Vida Homeloans 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 Vida Homeloans 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.

Content 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 Vida Homeloans transfer of equity