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

Sample questions relating to Vida Homeloans transfer of equity

  • I am am in need of a conveyancer to handle my transfer of equity. Vida Homeloans have been approached for a remortgage. I thought of asking my mortgage broker. I understand he may get a kickback for recommending someone, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
  • What do I need to do when it comes adding or subtracting names (transfer of equity) to or from my Vida Homeloans mortgage account?
  • I am remortgaging my home in Blaenavon does my lawyer have to be on the Vida Homeloans Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Law week I separated from my ex 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 do I get. Is it 50% of the equity after discharging the Vida Homeloans home loan? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Vida Homeloans?
  • Am I best advised stop the direct debit for my mortgage with Vida Homeloans as soon as a date for my remortgage and transfer of equity has been agreed?
  • How much the typical conveyancing costs are for a transfer of equity? I need to transfer equity and remortgage - moving over to Vida Homeloans - and have been quoted Four Hundred pounds excluding VAT by Vida Homeloans's approved lawyer, Is this is a good price or not?

Questions that your lawyer could ask regarding your Vida Homeloans Transfer of Equity

Please provide the details of anyone to be added to the title deeds?

Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Would you like us to prepare Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone who jointly owns the property with you?

Please provide the details of anyone to be extracted from the title deeds?

Caveats to be read in further to the above Vida Homeloans transfer of equity Questions and Answers :

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 freeholder. If such terms are not adhered to 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 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 is dependent on the valuation 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 lawyer 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