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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.

Examples of recent questions relating to Virgin transfer of equity

  • My Virgin mortgage is in joint names with ex, he is agreeable to come off the deeds and put the house in my name alone. Virgin will permit the transfer of equity to my individual name. Will Virgin write my boss to confirm my salary?
  • Having been four years estranged I have made the decision to relinquish up my interest in the flat to my husband who is re-mortgaging with Virgin. Could this transfer of equity be completed in less than 28 days?
  • What do I need to do when it comes adding or removing names (transfer of equity) to or from my Virgin mortgage account?
  • My current mortgage is with Virgin. Can I transfer equity to someone under 18 years old?
  • My partner and I co-own a house in Sedgefield . Mortgage is with Virgin. I would like to transfer full ownership to him with no payment of money but without using a conveyancing solicitor. Do you think this should be simple?
  • I bought a flat with a friend in 2009 Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name is taken off the Virgin mortgage. There is a meaningful difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • I am planning on removing a name from a joint mortgage and the Virgin require me to use a conveyancer to carry out the conveyancing. Can you recommend a reasonably priced Ampthill conveyancer to deal with the transfer of equity? They need to be on the Virgin conveyancing panel.

Information that may be required from your conveyancing solicitor is likely to ask about your Virgin Transfer of Equity

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)

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

Please inform us if you are making any payment for the Transfer of Equity and to whom and disclose any such sums?

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

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

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?

Important warnings to consider in conjunction with the above Virgin transfer of equity Info :

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

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 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 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 is dependent 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 conveyancing solicitor 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 contained within 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 Virgin transfer of equity