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Vida Homeloans

Vida Homeloans transfer of equity example support desk enquires

  • My Vida Homeloans home loan is in joint names with ex, who is agreeable to be removed and let me have the property. Vida Homeloans will permit the transfer of equity to me solely. Will Vida Homeloans contact my company to verify my salary?
  • Me and my partner jointly own a flat in Dunnington . Home loan is with Vida Homeloans. I wish to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be simple?
  • I understand we would need at least AP1 and TR1. Is this true?
  • My wife and I jointly own a BTL. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name to mitigate tax on the letting income. If Vida Homeloans are happy with this the legal fees are inexpensive. However what happens when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
  • When it comes to transfer of equity conveyancing involving a remortgage with Vida Homeloans should I be invoiced VAT on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • I acquired a flat with a friend six years ago Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Vida Homeloans mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • Can you tell me how to have a person removed off the deeds to a property if the home loan is with Vida Homeloans

Sample of questions in a lawyer form relating to Vida Homeloans Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

If are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?

We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)

Please provide the name(s) and addresse(s) of anyone to be extracted from the title deeds?

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 supplemental the above Vida Homeloans transfer of equity Info :

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 properties

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 lawyer 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 is dependent on the market value 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 Vida Homeloans.

Preparing the Transfer of Equity with a Vida Homeloans 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 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.

Information contained within 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