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Vida Homeloans

Sample questions relating to Vida Homeloans transfer of equity

  • I am in the market for an affordable conveyancing lawyer to help me sell in a transfer of equity and refinance with Vida Homeloans. I want to avoid being ripped off but with lots of conveyancing organisations who do transfer of equity conveyancing out there...how do I know which to select?
  • Me and a friend got a joint mortgage with Vida Homeloans on a property a couple of years ago. I am now looking to get a apartment on my own and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Is there likely to be any problem with Vida Homeloans with him being on the hook for the total mortgage rather than only part of it?
  • Law month I split up with my wife of twenty years. I'm now living with my parents again and she wishes to remain in the apartment and pay me off. What portion am I entitled to. Is it 50% of the equity after discharging the mortgage with Vida Homeloans? I assume proper valuations are necessary but I would like ensure that I'm getting what I am entitled to
  • I am in the process of removing a name from a joint mortgage and the Vida Homeloans need me to use a conveyancing solicitor to carry out the paperwork. Can you recommend a reasonably priced Witham lawyer to deal with the transfer of equity? They need to be on the Vida Homeloans conveyancing panel.
  • I am trying to find a lawyer to undertake my transfer of equity. Vida Homeloans have been approached for a refinancing. I thought of asking my mortgage broker. I understand he will likely receive a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
  • Will I have to pay any charges for a Transfer of Equity where the existing mortgage is with Vida Homeloans?
  • I purchased a house with my cousin 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 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?

Information that may be required from your lawyer may ask in relation to your Vida Homeloans Transfer of Equity

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

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?

Can you give the details of anyone who jointly owns the premises with you?

Please let us know where you are making any payment for the Transfer of Equity and to whom and specify the amount?

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?

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

Information to consider in supplemental 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 properties

Should the tenure of your property be leasehold, the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation 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 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 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 provided 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