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West Bromwich Mortgage Company

Top seven questions relating to West Bromwich Mortgage Company transfer of equity

  • I am disposing of my equity in apartment in Birmingham to the other co-owners husband, they are sticking with West Bromwich Mortgage Company being the the existing mortgage company. We are debating as to who must pay the fees for the transfer of equity. Is this usually shared or is one party obliged to cover the fees for?
  • The mortgage broker has suggested using their lawyer for our Transfer of Equity plus remortgage with West Bromwich Mortgage Company - Surely it’s better to just instruct them?
  • I am in the process of mortgaging my flat in Miles Platting does my lawyer need to be on the West Bromwich Mortgage Company Solicitor panel. The conveyancing also involves a transfer of equity.
  • I acquired a flat with my brother in 2009 Since then, we have both got married. We are now looking to do a transfer of equity so my name is removed the West Bromwich Mortgage Company mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
  • Two years ago I purchased a house without my partner's name on the ownership paperwork. My conveyancer advised it is due to the fact that she was not in the mortgage with West Bromwich Mortgage Company. I'm wondering is there any way that I can add her name on the documents at HM Land Registry?
  • Is it sensible to cancel my mortgage payments with West Bromwich Mortgage Company as soon as a date for my remortgage and transfer of equity has been set?
  • I currently have a joint West Bromwich Mortgage Company mortgage with my cousin and am investigating the possibility of him taking on the outstanding mortgage and extracting myself from it, to enable me to buy somewhere with my soon-to-be-wife. The outstanding mortgage is approx 300k, and the property value is about 450k. Is this a transfer of equity? Is stamp duty payable?

Sample of questions in a lawyer questionnaire concerning a West Bromwich Mortgage Company Transfer of Equity

Please give the name(s) and addresse(s) of anyone to be removed from the property title?

Have you approached West Bromwich Mortgage Company to seek consent to the Transfer of Equity

Please let us know of you wish us to prepare Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

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?

Is it the case that one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..

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

Important warnings to consider in supplemental the above West Bromwich Mortgage Company transfer of equity Info :

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, provisions in the lease may require that you obtain the consent of the freeholder. If such conditions are not strictly observed 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 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 valuation of the property at finalisation 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 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.

Information contained within this webpage is for general information and only applies to England and Wales. It should not be regarded as 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