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Are you in need of a Transfer of Equity with a Virgin Money plc mortgage? Failing to check that a lawyer is on the Virgin Money plc 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.

Top seven questions relating to Virgin transfer of equity

  • My financial adviser has suggested using their conveyancer for my Transfer of Equity plus remortgage with Virgin - Is it not simpler better to just instruct them?
  • My divorce has gone through as is the consent order. Now I have to sort out the transfer of equity at the land registry and the Virgin mortgage. I have asked Virgin for the transfer of equity application. What happens next?
  • My former wife are looking to get a conveyancing solicitor lined up for a refinance with Virgin. Transfer of Equity conveyancing is also neededI have used the different comparison based tools and the results are from all over UK. How necessary is it to have a lawyer local to us?
  • I acquired a flat with my cousin in 2010 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the Virgin mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • What legal advice do I need when doing a transfer of equity where the home loan is to remain with Virgin?
  • Law week I split up with my partner of twenty years. I'm now living with my mum and dad and she wants to remain in the property and buy me out. What percentage am I entitled to. Is it half of the equity after redeeming the mortgage with Virgin? I assume proper valuations are necessary but I really need ensure that I'm getting I am not being taken advantage of
  • Can I transfer the equity held in my property with my Virgin home loan?

Questions that your lawyer is likely to ask about your Virgin Transfer of Equity

Please provide the name(s) and addresse(s) of anyone to be added to the property title?

Who will be responsible for the costs of the Transfer of Equity?

Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same

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

Can you provide the name(s) and addresse(s) of anyone who jointly owns the premises with you?

Where you are adding someone on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Caveats to be read in in addition to the above Virgin transfer of equity Questions and Answers :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Virgin 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 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 your covenants under 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 conveyancing solicitor will check with Virgin 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 Virgin 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 transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Virgin.

Preparing the Transfer of Equity with a Virgin 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 Virgin 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 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 Virgin transfer of equity