Top seven questions relating to West Bromwich Mortgage Company transfer of equity
- I am in the process of mortgaging my flat in Crabtree
does my lawyer have to be on the West Bromwich Mortgage Company Solicitor panel. The conveyancing also involves a transfer of equity.
- My father died half a year ago leaving a loan-free bungalow to me and my brother equally. Having continues to reside at the premises, there was a provision in her will specifying that the premisescould not be sold for 24 months after her passing so he could reside there for a while. He now says he would like to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the usual way to acquire my equity?
- I own a house in Dunnington
, with a West Bromwich Mortgage Company mortgage with my ex partner. Him and his new partner are going to buy me out. We had consent from West Bromwich Mortgage Company to substitute my name with hers. The transfer of equity has to be done by a conveyancing solicitor for West Bromwich Mortgage Company (apparently). In order to save fees can I deal with the Land Registry formalities?
- Am I best advised stop 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 do I need to do when it comes adding or subtracting names (transfer of equity) to or from my West Bromwich Mortgage Company mortgage account?
- I am in the process of removing a name from a joint mortgage and the West Bromwich Mortgage Company require me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Romsey
lawyer to deal with the transfer of equity? They need to be on the West Bromwich Mortgage Company conveyancing panel.
- I am transferring my equity in apartment in Birmingham to my co-owners husband, they are reapplying to West Bromwich Mortgage Company. We are in heated discussion as to who should cover the costs of the transfer of equity. Is this usually split or is one of us liable for the charges for?
Questions that your conveyancer is likely to ask about your West Bromwich Mortgage Company Transfer of Equity
Who will be responsible for the costs of the Transfer of Equity?
Please give the name(s) and addresse(s) of anyone to be extracted from the title deeds?
Can you give the name(s) and addresse(s) of those who jointly own the property with you?
Please let us know if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?
Would you like us to draft you Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
Please list all persons who occupy the property, their respective ages and relationships to you.
Caveats to be read 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 titles
If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of 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.
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 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 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 varies based on the market value of the property at finalisation of the transfer of equity conveyancing.
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 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 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.
