LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Vida Homeloans

Vida Homeloans transfer of equity example support desk enquires

  • Is it possible to apply to request more money from Vida Homeloans as part of a Transfer of Equity?
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity for the property and the Vida Homeloans home loan. I have contacted Vida Homeloans for the transfer of equity forms. What happens next?
  • I co-own a property in Blaenavon , with a Vida Homeloans loan with my former partner. Him and his fiance are going to buy me out. We had the go ahead from Vida Homeloans to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for Vida Homeloans (supposedly). Is it possible for us to deal with the Land Registry formalities?
  • I got divorced three years ago. I simply never got around to transfer ownership from the current 'joint' status to my name alone. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. Vida Homeloans is happy to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • I am disposing of my share of a flat in Birmingham to my co-owners fiance, they are reapplying to Vida Homeloans. We are haggling as to who should pay the charges for the transfer of equity. Is this usually split or is one party obliged to cover the fees for?
  • Am I best advised cancel the direct debit for my mortgage with Vida Homeloans once a date for my remortgage and transfer of equity has been set?
  • I am completing a Vida Homeloans transfer of equity form and have arrived at the part that asks about debts etc. There are some debts that I have been paying off over a long period, I understand that they have long since disappeared from my credit records. Must I reveal these?

Examples of questions in a conveyancer form relating to Vida Homeloans Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Please give the name(s) and addresse(s) of those who jointly own the property with you?

If you are adding someone on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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

General Advice to read 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, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of your covenants under 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 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 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 is dependent on the valuation of the property at the time of completion 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 does not constitute 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