Examples of recent questions relating to West Bromwich Mortgage Company transfer of equity
- I already have a mortgage with West Bromwich Mortgage Company and am maintaining my current mortgaging but wish to have have the equity transferred to my sole name so my ex will be removed from the mortgage. How long does the whole transfer of equity process take?
- I got my Decree Absolute in 2010. Foolishly I never got around to transfer ownership from both our names to just in my name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. West Bromwich Mortgage Company is content to transfer the full equity in my name (affordability checks done). Does my ex need a conveyancer?
- I intend to remortgage my apartment in Dunnington
switching from Santander to West Bromwich Mortgage Company. The flat is jointly owned but propose for it to be in my name only once I remortgage. My wife has agreed to this and is happy to sign a form but neither of us want to get a second conveyancing solicitor involved.
- I acquired a house with my cousin in 2009 Since buying the property, we have both got married. We are now looking to do a transfer of equity so my name comes off the West Bromwich Mortgage Company mortgage. There is a meaningful difference between the value the West Bromwich Mortgage Company say and what the property would sell for currently. Can you offer any advice?
- I am filling out a West Bromwich Mortgage Company transfer of equity application and have arrived at the section concerning debts etc. There are some debts that I have been clearing since 2008, I understand that they have long since disappeared from my credit records. Am I obliged to declare these?
- I own a house in Friern Barnet
, with a West Bromwich Mortgage Company loan with my ex husband. He and his fiance are going to acquire my share. We had approval 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 (supposedly). Is it possible for us to deal with the Land Registry change?
- What if my application doesn't meet West Bromwich Mortgage Company lending criteria for a transfer of equity?
Examples of information requested in a lawyer form relating to West Bromwich Mortgage Company Transfer of Equity
Please provide a copy of your National Insurance Number?
Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?
Where you are going to hold the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?
Is the transfer of equity subject to a court order? If yes please supply a copy
Have you approached West Bromwich Mortgage Company to obtain consent to the Transfer of Equity
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
General Advice to read in further 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, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions 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 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 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 transaction.
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 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 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.
