Questions and answers: West Bromwich Mortgage Company transfer of equity
- Me and my former partner and I are searching for a responsive conveyancing lawyer to help me sell in a transfer of equity and remortgage with West Bromwich Mortgage Company. I I am fearful of being overcharged and there's many conveyancing solicitors who do transfer of equity conveyancing to choose from...how do I know which to appoint?
- I am thinking of remortgaging my apartment in Littleborough
does my lawyer have to be on the West Bromwich Mortgage Company Solicitor panel. The conveyancing also involves a transfer of equity.
- Will I have to pay any fees for a Transfer of Equity where the existing home loan is with West Bromwich Mortgage Company?
- My decree absolute has gone through as is the consent order. Now I must deal with the transfer of equity at the HMLR and the West Bromwich Mortgage Company home loan. I have asked West Bromwich Mortgage Company for the transfer of equity application. What happens next?
- My mortgage broker has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with West Bromwich Mortgage Company - Surely it’s better to just instruct them?
- What do I do if I am dissatisfied with the lawyer who handled our transfer of equity conveyancing?
- My dad passed away last May leaving a unencumbered property to me and my step brother 50:50. He has always lived in the house, there was a clause in her will specifying that the propertycould not be sold for 24 months following her death so he could remain there for a specified time frame. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to purchase my share?
Examples of information requested in a conveyancer questionnaire relating to West Bromwich Mortgage Company Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Has one of the registered proprietors passed away? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
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 give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Please list all persons who occupy the property, their respective ages and relationships to you.
Please provide the details of those who jointly own the property with you?
Important warnings to consider in supplemental the above West Bromwich Mortgage Company transfer of equity Advice :
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
If your property is leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 varies based on the market value 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 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 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 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.