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West Bromwich Mortgage Company

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.

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

  • Will I incur any charges for a Transfer of Equity where the existing home loan is with West Bromwich Mortgage Company?
  • My wife and myself have 50:50 shares in a buy to let. I am a top rate tax payer. Ideally I would like to complete a transfer of equity into her name with a view to reduce our tax on the letting income. If West Bromwich Mortgage Company are fine with this the legal fees are not prohibitive. However what happens when we dispose of the property? Would my GGT relief be lost.
  • I am mortgaging my apartment 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.
  • My West Bromwich Mortgage Company home loan we jointly entered into with ex, who has agreed to come off the deeds and let me have the property. West Bromwich Mortgage Company have consented to the transfer of equity to me solely. Will West Bromwich Mortgage Company get in touch with my boss to verify my salary?
  • I already have a mortgage with West Bromwich Mortgage Company and am retaining my existing mortgaging but applying to have it in my sole name so my former husband will be removed from the mortgage. How long does the whole transfer of equity process take?
  • When it comes to transfer of equity conveyancing involving refinance with West Bromwich Mortgage Company should I be paying value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • What can I do where I am dissatisfied with the lawyer who carried out our transfer of equity conveyancing?

Information that may be required from your lawyer could ask in relation to your West Bromwich Mortgage Company Transfer of Equity

Can you give the details of those who jointly own the premises with you?

If 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” Questionnaire.

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Is the transfer of equity subject to a court order? If yes please supply a copy

Please let us know where you are making any payment for the Transfer of Equity and to whom and notify us any such sums?

Important warnings to consider in conjunction with the above West Bromwich Mortgage Company transfer of equity information :

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 properties

Should the tenure of your property be leasehold, the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. 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 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 market value 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 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 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