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Whistletree

Examples of recent questions relating to Whistletree transfer of equity

  • Is it possible to apply to request more money from Whistletree as part of a Transfer of Equity?
  • My former wife are looking to get a lawyer in place for a remortgage with Whistletree. Transfer of Equity conveyancing is also necessaryI have used the different rating based tools and the results are from all over the country. Do we need to instruct a conveyancing solicitor local to us?
  • Can you tell me how to have a person removed off the deeds to a property where the home loan is with Whistletree
  • My decree absolute has gone through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Whistletree mortgage. I have asked Whistletree for the transfer of equity application. What do I do now?
  • My wife and I have equal shares in a investment property. I am a top rate tax payer. Preferably I wish to complete a transfer of equity to her sole name with a view to mitigate tax on the letting income. Assuming Whistletree are fine with this the legal fees are not prohibitive. What are the implications when we sell? As I would no longer be on the title documents am I giving up my CGT relief.
  • Is there such a thing a transfer of equity stamp duty calculator?
  • I plan to remortgage my apartment in Romsey moving from Natwest to Whistletree. The home is jointly owned but propose for it to be in my name only when I transfer. My former partner is OK with this and is happy to transfer equity but neither of us want to get a second lawyer involved.

Sample of questions in a conveyancing solicitor questionnaire relating to Whistletree Transfer of Equity

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

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please provide the name(s) and addresse(s) of anyone to be added to the title deeds?

Please confirm the person to be removed from the title deeds will not reside at the property after completion of the Transfer of Equity?

Will there be any consideration monies passing between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Information to consider in in addition to the above Whistletree 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 Whistletree conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is 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 restrictions are not strictly observed you may be in breach of your covenants under 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 conveyancer 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 varies based on the market value of the property at the time of completion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Whistletree your property may be repossessed.

Preparing the Transfer of Equity with a Whistletree 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 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 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.


Frequently asked questions relating to Whistletree transfer of equity