Common questions relating to West Bromwich Mortgage Company transfer of equity
- My former wife are planning to get a lawyer in place for a new mortgage with West Bromwich Mortgage Company. Transfer of Equity conveyancing is also neededI have used the different comparison based services and the results are from all over the country. Do we need to instruct a conveyancing solicitor local to us?
- I already have a home loan with West Bromwich Mortgage Company and am keeping my existing mortgaging but applying to have it in my sole name so my former husband will be removed from the title. How long does the whole transfer of equity process take?
- I got my Decree Absolute four years ago. For some reason I never got around to change the ownership from the current 'joint' status 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 (financial checks done). Does she need a conveyancer?
- What is the process for having a person removed off the deeds to a property if the mortgage is with West Bromwich Mortgage Company
- My decree absolute is through as is the consent order. Now I need to sort out 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 completing a West Bromwich Mortgage Company transfer of equity request and have come to the questions that asks about debts etc. I do some debts that I have been paying off for a number of years, in fact they no longer remain my credit records. Am I obliged to set these out?
- Is it possible to transfer the equity held in my property with my West Bromwich Mortgage Company mortgage?
Sample of questions in a conveyancing solicitor form concerning a West Bromwich Mortgage Company Transfer of Equity
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Please clarify where you are providing any payment for the Transfer of Equity and to whom and notify us any such sums?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Please provide the details of anyone to be extracted from the property title?
Can you give the name(s) and addresse(s) of anyone who jointly owns the property with you?
Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?
Important warnings 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 premises
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.
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 lawyer 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 time of completion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with West Bromwich Mortgage Company your property may be repossessed.
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 lawyer 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.