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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.

Common questions relating to Vida Homeloans transfer of equity

  • Last year bought a flat without my fiance’s name on the title documents. My lawyer said it is due to the fact that she was not in the loan offer with Vida Homeloans. Is it possible for me to add her name on the documents at HMLR?
  • My partner and I co-own a property in Crabtree . Mortgage is with Vida Homeloans. I want to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Is this likely to be straightforward?
  • Can I transfer the equity held in my property with my Vida Homeloans mortgage?
  • Can I apply to request more money from Vida Homeloans as part of a Transfer of Equity?
  • My former husband are looking to get a conveyancer lined up for a remortgage with Vida Homeloans. Transfer of Equity conveyancing is also neededI have used the different comparison based websites and the results are from all over England and Wales. Is it important to instruct a conveyancer local to us?
  • My existing home loan is with Vida Homeloans. Can I transfer equity to someone under 18 years old?
  • My mum passed away early last year leaving a unencumbered house to me and my step brother in equal shared. He has always lived in the house, there was a condition in her will saying the propertycould not be sold for 24 months following her death so he could reside there for a while. He now wishes to remain in the house beyond the prescribed period. We have considered a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to purchase my equity?

Examples of information requested in a lawyer questionnaire concerning a Vida Homeloans Transfer of Equity

Please give the details of anyone to be removed from the property title?

Please clarify if you are making any payment for the Transfer of Equity and to whom and notify us the amount?

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

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Has consent been obtained from Vida Homeloans to the proposed transfer of equity?

Information to consider in conjunction with the above Vida Homeloans transfer of equity information :

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

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed 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 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 valuation of the property at the time of completion 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 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 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