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West Bromwich Mortgage Company

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.

Sample questions relating to West Bromwich Mortgage Company transfer of equity

  • What is the process for having a person removed off the deeds to a property where the home loan is with West Bromwich Mortgage Company
  • When it comes to transfer of equity conveyancing involving a remortgage with West Bromwich Mortgage Company should I be charged value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • Is it possible to apply to request a further advance from West Bromwich Mortgage Company as part of a Transfer of Equity?
  • What is the process for adding or subtracting names (transfer of equity) to or from my West Bromwich Mortgage Company mortgage account?
  • What are the average solicitors fees are for a transfer of equity? I need to transfer equity and remortgage - moving over to West Bromwich Mortgage Company - and have been quoted Four Hundred pounds excluding VAT by West Bromwich Mortgage Company's approved conveyancer, Is this is a good price or not?
  • Taking into account that we have been 2 a couple of years separated I have decided to transfer my interest in our flat to my husband who is refinancing with West Bromwich Mortgage Company. Could this transfer of equity be completed within four weeks?
  • My divorce has gone through as is the consent order. Now I have to address the transfer of equity at the HMLR and the West Bromwich Mortgage Company mortgage. I have asked West Bromwich Mortgage Company for the transfer of equity forms. What are my next steps?

Sample of information requested in a conveyancer questionnaire relating to West Bromwich Mortgage Company Transfer of Equity

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Can you provide the details of anyone who jointly owns the premises with you?

Please give the details of anyone to be added to the property title?

Is there to be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what sums

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Has consent been obtained from West Bromwich Mortgage Company to the proposed transfer of equity?

Important warnings to consider in in addition to 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 premises

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger 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 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 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 market value of the property at finalisation 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 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 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