Top seven questions relating to West Bromwich Mortgage Company transfer of equity
- I am completing a West Bromwich Mortgage Company transfer of equity application and have come to the section regarding debts etc. There are some debts that I have been reducing for a number of years, in fact they no longer remain my credit records. Am I obliged to declare these?
- Online research suggests that solicitors are more expensive than conveyancers for transfer of equity conveyancing. Am I better of using a conveyancer or a solicitor if I am transferring equity and simultaneously refinancing with West Bromwich Mortgage Company
- Law month I separated from my ex of twenty years. I'm now living with my parents again and she wishes to stay in the property and pay me off. What percentage am I entitled to. Is it half of the equity after paying off the mortgage with West Bromwich Mortgage Company? I assume proper valuations are required but I really need ensure that I'm getting what I am entitled to
- I bought a flat with my brother six years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the West Bromwich Mortgage Company mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- I co-own a flat in Romsey
, with a West Bromwich Mortgage Company loan with my former partner. Him and his new partner are going to buy me out. We had approval from West Bromwich Mortgage Company to substitute my name with hers. The transfer of equity needs to be completed by a conveyancing solicitor for West Bromwich Mortgage Company (apparently). Can we deal with the Land Registry formalities?
- My current home loan is with West Bromwich Mortgage Company. Can I transfer equity to someone less than 18 years old?
- I am transferring my share of a apartment in Birmingham to my co-owners husband, they are reapplying to West Bromwich Mortgage Company. We are debating as to who must cover the charges for the transfer of equity. Should this be shared or is one of us liable for the costs of?
Sample of information requested in a conveyancing solicitor questionnaire relating to West Bromwich Mortgage Company Transfer of Equity
If 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?
Have you approached West Bromwich Mortgage Company to seek consent to the Transfer of Equity
Please give the details of anyone to be added to the property title?
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Is it the case that one of the registered owners passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
We need you to supply the National Insurance Number(s) of all the new owners (required for submission of the Stamp Duty Land Tax Form)
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, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach 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 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 market value of the property at the conclusion 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 conveyancer 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 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.