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Are you in need of a Transfer of Equity with a West Bromwich Mortgage Company mortgage? Failing to check that a lawyer is on the West Bromwich Mortgage Company 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.

West Bromwich Mortgage Company transfer of equity: q and a’s

  • What if my application doesn't meet West Bromwich Mortgage Company lending criteria for a transfer of equity?
  • My divorce has gone through as is the consent order. Now I must address the transfer of equity for the property and the West Bromwich Mortgage Company mortgage. I have called West Bromwich Mortgage Company for the transfer of equity application. What happens next?
  • I am filling out a West Bromwich Mortgage Company transfer of equity request and have arrived at the section that asks about 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 records. Am I obliged to disclose these?
  • My former wife are planning to get a lawyer lined up for a new mortgage with West Bromwich Mortgage Company. Transfer of Equity conveyancing is also necessaryI have used the different comparison based tools and the results are from all over England and Wales. Is it important to instruct a lawyer local to us?
  • I got divorced in 2010. I simply never dealt with the change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is presumably the way forward. West Bromwich Mortgage Company is willing to transfer the property and loan in my name (affordability checks done). Does my ex need a lawyer?
  • I am thinking of refinancing my flat in Littleborough does my lawyer have to be on the West Bromwich Mortgage Company Conveyancing panel. The conveyancing also involves a transfer of equity.
  • My existing home loan is with West Bromwich Mortgage Company. Can I transfer equity to someone less than eighteen years old?

Questions that your conveyancer could ask about your West Bromwich Mortgage Company Transfer of Equity

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

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

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?

Please give the name(s) and addresse(s) of those who jointly own the premises with you?

Please give the name(s) and addresse(s) of anyone to be extracted from the property title?

Please provide a copy of your National Insurance Number?

Caveats to be read in in addition to the above West Bromwich Mortgage Company transfer of equity information :

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 properties

Should the tenure of your property be leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such restrictions 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 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 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 varies based on the market value of the property at the time of completion of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with West Bromwich Mortgage Company.

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

When it comes to preparing the the Land Registry documents your lawyer 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 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 West Bromwich Mortgage Company transfer of equity