Frequently asked questions relating to West Bromwich Mortgage Company transfer of equity
- I am planning on removing a name from a joint mortgage and the West Bromwich Mortgage Company need me to use a conveyancing solicitor to carry out the legalities. Can you recommend a reasonably priced Crabtree
lawyer to deal with the transfer of equity? They need to be on the West Bromwich Mortgage Company conveyancing panel.
- Our financial adviser has recommended their conveyancing solicitor for the Transfer of Equity plus remortgage with West Bromwich Mortgage Company - won’t it be easier to just use them?
- Been reviewing consumer forums that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and at the same time refinancing with West Bromwich Mortgage Company
- When it comes to transfer of equity conveyancing involving a remortgage with West Bromwich Mortgage Company should I be invoiced VAT on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My dad died last January leaving a mortgage-free property to me and my half brother in equal shared. Having continues to reside at the premises, there was a clause in her will saying the premisescould not be sold for three years following her passing so he could continue to live there for a prescribed period. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the usual way to acquire my share?
- My ex are seeking to get a conveyancer lined up for a new mortgage with West Bromwich Mortgage Company. Transfer of Equity conveyancing is also requiredI have used the different comparison based services and the results are from all over England and Wales. How necessary is it to instruct a conveyancing solicitor local to us?
- Is stamp duty payable when it comes to an transfer of equity with a mortgage with West Bromwich Mortgage Company?
Information that may be required from your conveyancing solicitor may ask in relation to your West Bromwich Mortgage Company Transfer of Equity
Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
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 list all persons who occupy the property, their respective ages and relationships to you.
Would you like us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Who will be responsible for the costs of the Transfer of Equity?
Is it the case that one of the registered owners died? If so please supply us with a copy of all the relevant documents e.g. the will, death certificate etc..
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 require that you have a license to do so from the landlord. 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 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 time of completion 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 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.
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.