Top seven questions relating to West Bromwich Mortgage Company transfer of equity

• My partner and I co-own a house in Dunnington . Home loan is with West Bromwich Mortgage Company. I want to transfer full ownership to him with no exchange of money but without using a conveyancer. Do you think this should be simple?
• I already have a home loan with West Bromwich Mortgage Company and am keeping my existing mortgaging but wish to have it in my name alone so my ex won't be on it any longer. How long do West Bromwich Mortgage Company take to deal with the application?
• I am filling out a West Bromwich Mortgage Company transfer of equity request and have come to the section concerning debts etc. I do some debts that I have been clearing for a number of years, I understand that they have long since disappeared from my credit rating. Do I need to disclose these?
• Having been four years separated I have made the decision to transfer my interest in the apartment to my husband who is re-mortgaging with West Bromwich Mortgage Company. Can a transfer of equity be done in one month?
• I am hoping to refinance my home in Timperley changing from Virgin Money to West Bromwich Mortgage Company. The home is currently in joint names but wish for it to be in my sole name when I remortgage. My husband is OK with this and is willing to sign a form but neither of us want to get a second conveyancer involved.
• Can I transfer the equity held in my property with my West Bromwich Mortgage Company home loan?
• Is stamp duty payable when it comes to an transfer of equity with a mortgage with West Bromwich Mortgage Company?

Information that may be required from your lawyer could ask in relation to your West Bromwich Mortgage Company Transfer of Equity

Information to consider in conjunction with the above West Bromwich Mortgage Company 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 West Bromwich Mortgage Company conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, provisions in 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 strictly observed 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 as a result of 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 conveyancer will check with West Bromwich Mortgage Company 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 West Bromwich Mortgage Company 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 conclusion of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a West Bromwich Mortgage Company 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 West Bromwich Mortgage Company 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 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.