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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.

Examples of recent questions relating to Vida Homeloans transfer of equity

  • Law week I split up with my ex of thirty years. I'm now living with my parents again and she wants to stay in the property and pay me off. What portion do I get. Is it 50% of the equity after discharging the Vida Homeloans home loan? I assume proper valuations are necessary but I really need to be sure that I'm getting what I am entitled to
  • I am transferring my share of a property in Warwick 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. Is this normally shared or is one of us liable for the charges for?
  • Can I apply to request a further advance from Vida Homeloans as part of a Transfer of Equity?
  • Vida Homeloans yesterday agreed I can take over the mortgage on the flat. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Vida Homeloans mortgage account?
  • What if my application doesn't meet Vida Homeloans lending criteria for a transfer of equity?
  • I intend to refinance my apartment in Friern Barnet changing from Santander to Vida Homeloans. The home is jointly owned but propose for it to be in my name only as and when I transfer. My husband is OK with this and is willing to transfer equity but neither of us want to get a second conveyancer involved.

Sample of questions in a conveyancer questionnaire relating to Vida Homeloans Transfer of Equity

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

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)?

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

Please let us know where you are providing any payment for the Transfer of Equity and to whom and disclose any such sums?

Important warnings to consider in conjunction with 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, provisions in the lease may require that you obtain the consent of the landlord. 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 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 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 varies based on the market value of the property at finalisation 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 conveyancer 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