Examples of recent questions relating to West Bromwich Mortgage Company transfer of equity
- I got my Decree Absolute four years ago. Foolishly I never got around to change the ownership from the current 'joint' status to my name alone. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. West Bromwich Mortgage Company is happy to transfer the full equity in my name (financial checks done). Does my ex need a conveyancer?
- West Bromwich Mortgage Company yesterday agreed I can take over the home loan on the house. I had applied for a transfer of equity but is this a transfer of ownership at HMLR in addition?
- I am disposing of my equity in flat in Hendon to my co-owners husband, they are sticking with West Bromwich Mortgage Company being the the existing lender. We are haggling as to who must pay the costs of the transfer of equity. Is this normally shared or is one party obliged to cover the charges for?
- Me and my former fiance and I are in the market for a quality conveyancing solicitor to assist in a transfer of equity and refinance with West Bromwich Mortgage Company. I I am fearful of appointing the wrong one but with plenty conveyancing organisations who do transfer of equity conveyancing to choose from...who do I opt for?
- I am in the process of removing a name from a joint mortgage and the West Bromwich Mortgage Company need me to use a lawyer to carry out the paperwork. Can you recommend a reasonably priced Blaenavon
conveyancer to deal with the transfer of equity? They need to be on the West Bromwich Mortgage Company conveyancing panel.
- I recently purchased a property without my wife's name on the deeds. My lawyer advised it is because she is not in the mortgage with West Bromwich Mortgage Company. Is it possible for me to add her name on the documents at HM Land Registry?
- What do I do if I am dissatisfied with the conveyancing solicitor who handled my transfer of equity conveyancing?
Examples of information requested in a lawyer form relating to West Bromwich Mortgage Company Transfer of Equity
Please give the details of anyone who jointly owns the property with you?
Is it the case that one of the registered proprietors passed away? If so please provide us with a copy of the Death Certificate, Probate and a copy of the Will.
If you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
We need you to provide the National Insurance Number(s) of all the new owners (required for submission of the SDLT Form)
Is the transfer of equity subject to a court order? If yes please supply a copy
Important warnings to consider in supplemental 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, the lease may require 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 potentially result in 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 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 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 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.