LenderPanel.com

Find a Law Firm for your Transfer of Equity approved by
Whistletree

Common questions relating to Whistletree transfer of equity

  • Our financial adviser has recommended their lawyer for our Transfer of Equity plus remortgage with Whistletree - Is it not simpler advisable to just use them?
  • Whistletree have just agreed I can take over the mortgage on my home. I have applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry on top?
  • My Whistletree home loan is in joint names with ex, he is agreeable to be removed and let me have the property. Whistletree will permit the transfer of equity to my individual name. Do Whistletree get in touch with my boss to verify my salary?
  • What can I do where I am not happy with the conveyancer who did my transfer of equity conveyancing?
  • I purchased a house with my cousin in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name is taken off the Whistletree mortgage. There is a meaningful difference between the value the bank hold and what the property would sell for currently. Can you offer any advice?
  • My fiance and I jointly own a BTL. I am a higher rate tax payer. Ideally I wish to complete a transfer of equity into her name in order reduce our tax on the letting income. If Whistletree are fine with this the legal fees are inexpensive. What are the implications when we dispose of the property? Would my GGT relief be lost.
  • What is the process for having a person removed off the title documents to a house where the mortgage is with Whistletree

Sample of information requested in a lawyer questionnaire concerning a Whistletree Transfer of Equity

Please let us know of you wish us to draft you Declaration of Trust. If so are you happy to incur the further fee (beyond the Transfer of Equity fee)?

Please provide a copy of your National Insurance Number?

Will there be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive what figure

Who will be responsible for the costs of the Transfer of Equity?

Please provide the details of those who jointly own the property with you?

Has one of the registered owners passed away? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..

Important warnings to consider in supplemental the above Whistletree transfer of equity Info :

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 Whistletree conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 conveyancing solicitor will check with Whistletree 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 Whistletree 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 valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Whistletree.

Preparing the Transfer of Equity with a Whistletree 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 Whistletree 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 contained within 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 Whistletree transfer of equity