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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.

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

  • My current mortgage is with West Bromwich Mortgage Company. Can I transfer equity to someone under eighteen years old?
  • My divorce is through as is the consent order. Now I need to deal with the transfer of equity on title deeds 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?
  • What are my options where I am dissatisfied with the lawyer who carried out our transfer of equity conveyancing?
  • My West Bromwich Mortgage Company mortgage is in joint names with ex, who has agreed to come off the mortgage and let me have the property. West Bromwich Mortgage Company have consented to the transfer of equity to me solely. Do West Bromwich Mortgage Company contact my employer to check my salary?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • What should I be budgeting for when it comes to what legal costs are for a transfer of equity? I'm in the process of remortgaging - new loan with West Bromwich Mortgage Company - and have been quoted £250 excluding VAT by West Bromwich Mortgage Company's approved conveyancing solicitor, Have I been over quoted?
  • I own a property in Witham , with a West Bromwich Mortgage Company loan with my former husband. He and his new partner are going to acquire my share. We had the go ahead from West Bromwich Mortgage Company to remove my name with hers. The transfer of equity has to be done by a conveyancer for West Bromwich Mortgage Company (supposedly). In order to save fees can I do the Land Registry formalities?

Information that may be required from your conveyancing solicitor may ask about your West Bromwich Mortgage Company Transfer of Equity

Please provide the details of anyone to be added to the title deeds?

Where you are adding a person on to the title deeds how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

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

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

Who will be responsible for the costs of the Transfer of Equity?

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

General Advice to read in supplemental the above West Bromwich Mortgage Company transfer of equity Advice :

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 titles

If your property is leasehold, provisions in the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach 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 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 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 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