Sample questions relating to West Bromwich Mortgage Company transfer of equity
- My West Bromwich Mortgage Company mortgage is in joint names with ex, who is agreeable to be removed and put the house in my name alone. West Bromwich Mortgage Company have consented to the transfer of equity to my individual name. Do West Bromwich Mortgage Company call my boss to check my salary?
- Our mortgage broker has suggested using their conveyancing solicitor for my Transfer of Equity plus remortgage with West Bromwich Mortgage Company - Is it not simpler easier to just use them?
- I co-own a flat in Timperley
, with a West Bromwich Mortgage Company mortgage with my former partner. Him and his fiance are going to buy me out. We had the go ahead from West Bromwich Mortgage Company to remove my name with hers. The transfer of equity has to be completed by a lawyer for West Bromwich Mortgage Company (supposedly). Is it possible for us to deal with the Land Registry formalities?
- As things stand I have a joint West Bromwich Mortgage Company mortgage with my cousin and am investigating the option of him assuming responsibility for the whole mortgage and subtracting myself from it, to enable me to purchase a place with my soon-to-be-wife. The outstanding mortgage is in the region 300k, and the property value is about 500k. Is this a transfer of equity? Is land tax involved?
- I am selling my share of a property in Woodside to my co-owners husband, they are reapplying to West Bromwich Mortgage Company. We are in heated discussion as to who must pay the costs of the transfer of equity. Should this be split or is one of us liable for the fees for?
- My -ex-husband and I are in the market for a value for money conveyancing solicitor to help me sell in a transfer of equity and refinance with West Bromwich Mortgage Company. I am aware of the risk of getting ripped off and there are so many conveyancing firms who do transfer of equity conveyancing out there...who's the best?
- West Bromwich Mortgage Company have today agreed I can take over the mortgage on the flat. I had applied for a transfer of equity but is this a transfer of ownership at HMLR in addition?
Sample of information requested in a conveyancing solicitor questionnaire concerning a West Bromwich Mortgage Company Transfer of Equity
Have you approached West Bromwich Mortgage Company to obtain consent to the Transfer of Equity
Please provide the details of anyone to be removed from the property title?
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 what amounts
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
If you are adding a person 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.
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Important warnings to consider in supplemental the above West Bromwich Mortgage Company transfer of equity information :
Tax and Legal
There may be various 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
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in violation 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 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 varies based on the market value of the property at the conclusion of the transfer of equity transaction.
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 conveyancing solicitor 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.
Content 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.
