LenderPanel.com

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

Vida Homeloans transfer of equity example support desk enquires

  • I am under the impression we would need at least AP1 and Transfer Deed. Is this true?
  • I am in the process of removing a name from a joint mortgage and the Vida Homeloans require me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Rye conveyancer to deal with the transfer of equity? They need to be on the Vida Homeloans conveyancing panel.
  • I own a flat in Timperley , with a Vida Homeloans mortgage with my former husband. He and his new partner are going to acquire my share. We had the go ahead from Vida Homeloans to replace my name with hers. The transfer of equity needs to be done by a conveyancer for Vida Homeloans (apparently). Can we deal with the Land Registry formalities?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My divorce has gone through as is the consent order. Now I need to deal with the transfer of equity on title deeds and the Vida Homeloans home loan. I have called Vida Homeloans for the transfer of equity forms. What do I do now?
  • I already have a mortgage with Vida Homeloans and am retaining my current mortgaging but wish to have it in my name only so my former partner will no longer be on the title. How long can it take for the application to be processed?
  • My Vida Homeloans mortgage is in joint names with ex, who is agreeable to be removed and let me have the property. Vida Homeloans have consented to the transfer of equity to me solely. Do Vida Homeloans write my company to check my salary?

Questions that your lawyer is likely to ask regarding your 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 formalised?

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the additional fee (beyond the Transfer of Equity fee)?

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

Where you are adding a person 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.

Important warnings to consider in in addition 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 premises

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.
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 provided 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