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Vida Homeloans

Examples of recent questions relating to Vida Homeloans transfer of equity

  • My mother passed away half a year ago leaving a loan-free house to me and my step brother 50:50. Having continues to reside at the house, there was a condition in the will specifying that the premisescould not be sold for three years after her passing so he could remain there for a specified time frame. He now wishes to remain in the premises beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a home loan in the conventional way to buy my equity?
  • I got divorced in 2010. Foolishly I never dealt with the transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is presumably the way forward. Vida Homeloans is willing to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?
  • What if my application doesn't meet Vida Homeloans lending criteria for a transfer of equity?
  • Our financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with Vida Homeloans - Surely it’s easier to just instruct them?
  • Is it possible to transfer the equity held in my property with my Vida Homeloans mortgage?
  • I am considering refinancing my house in Dunnington does my lawyer have to be on the Vida Homeloans Conveyancing panel. The conveyancing also involves a transfer of equity.
  • I jointly own a apartment in Friern Barnet , with a Vida Homeloans mortgage with my ex partner. Him and his fiance are going to buy me out. We had approval from Vida Homeloans to substitute my name with hers. The transfer of equity needs to be done by a conveyancer for Vida Homeloans (supposedly). In order to save fees can I deal with the Land Registry change?

Information that may be required from your conveyancer is likely to ask regarding your Vida Homeloans Transfer of Equity

Please provide the details of anyone to be removed from the title deeds?

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

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

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

Can you give the details of those who jointly own the property with you?

Caveats to be read in supplemental the above Vida Homeloans transfer of equity information :

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 Vida Homeloans conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in 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 violation of your covenants under 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 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 conveyancer 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 valuation of the property at the conclusion 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 lawyer 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 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 Vida Homeloans transfer of equity