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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

  • I recently bought a property without my wife'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. I'm wondering is there any way that I can put her name on the deeds?
  • Will I have to pay any fees for a Transfer of Equity where the current home loan is with Vida Homeloans?
  • What should I be budgeting for when it comes to what solicitors charges are for a transfer of equity? I need to transfer equity and refinance - new loan with Vida Homeloans - and have been quoted £350 including VAT by Vida Homeloans's approved conveyancing solicitor, Have I been over quoted?
  • After 5 years separated I have made the decision to relinquish up my share of the apartment to my husband who is refinancing with Vida Homeloans. Can a transfer of equity be completed in one month?
  • What if my application doesn't meet Vida Homeloans lending criteria for a transfer of equity?
  • Can I transfer the equity held in my property with my Vida Homeloans mortgage?
  • My friend and I got a joint mortgage with Vida Homeloans on a property about a year ago. I am now thinking of purchasing a flat on my own and my friend would like to buy me out. Assuming we can agree a figure what happens next? Is there likely to be any problem with Vida Homeloans with him being solely liable for the total mortgage rather than only half of it?

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

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

Have you approached Vida Homeloans to seek consent to the Transfer of Equity

If you are adding someone 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” Questionnaire.

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please provide a copy of your National Insurance Number?

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

General Advice to read in in addition to the above Vida Homeloans transfer of equity Advice :

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 properties

Should the tenure of your property be 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 freeholder. If such terms are not adhered to 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 pursuant to 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 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 finalisation of the transfer of equity transaction.
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 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