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West Bromwich Mortgage Company

Recently asked questions relating to West Bromwich Mortgage Company transfer of equity

  • Do I need legal advice when doing a transfer of equity where the home loan is to remain with West Bromwich Mortgage Company?
  • Am I best advised cancel the direct debit for my mortgage with West Bromwich Mortgage Company once a date for my remortgage and transfer of equity has been agreed?
  • What can I do where I am unhappy with the conveyancer who carried out my transfer of equity transaction?
  • Will I have to pay any charges for a Transfer of Equity where the existing home loan is with West Bromwich Mortgage Company?
  • Me and my partner jointly own a house in Winchelsea . Home loan is with West Bromwich Mortgage Company. I would like to transfer full ownership to him with no passing of money but without using a lawyer. Is this likely to be simple?
  • West Bromwich Mortgage Company have just agreed I can take over the home loan on my home. I had applied for a transfer of equity but is this a transfer of ownership of the title deeds on top?
  • The financial adviser has suggested using their lawyer for our Transfer of Equity plus remortgage with West Bromwich Mortgage Company - won’t it be better to just use them?

Examples of information requested in a conveyancing solicitor form relating to West Bromwich Mortgage Company 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 anyone to be extracted from the title deeds?

Would you like us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

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

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

Please list all persons who occupy the property, their respective ages and relationships to you.

General Advice to read in conjunction with the above West Bromwich Mortgage Company transfer of equity Questions and Answers :

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 properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 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 valuation of the property at the conclusion of the transfer of equity transaction.
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.

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.


Frequently asked questions relating to West Bromwich Mortgage Company transfer of equity