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Whistletree

Examples of recent questions relating to Whistletree transfer of equity

  • Whistletree have today agreed I can take over the mortgage on the house. I previously applied for a transfer of equity but is this a transfer of ownership at the Land Registry on top?
  • Can I apply to request more money from Whistletree as part of a Transfer of Equity?
  • What are my options where I am dissatisfied with the lawyer who carried out our transfer of equity transaction?
  • I am filling out a Whistletree transfer of equity form and have arrived at the section concerning defaults etc. There are some debts that I have been clearing for a number of years, I understand that they no longer remain my credit rating. Must I set these out?
  • I am thinking of mortgaging my flat in Dunnington does my lawyer need to be on the Whistletree Solicitor panel. The conveyancing also involves a transfer of equity.
  • I purchased a flat with a friend in 2010 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 Whistletree mortgage. There is a 40k difference between the value the mortgage company say and what the property would sell for currently. Can you offer any advice?
  • I am in the market for an affordable conveyancing solicitor to help me sell in a transfer of equity and refinance with Whistletree. I really don't want to get ripped off but with many conveyancing organisations who do transfer of equity conveyancing to pick from...who do I opt for?

Questions that your lawyer may ask about your Whistletree Transfer of Equity

Please provide the details of anyone to be removed from the property title?

Would you like us to draw up a Declaration of Trust. If so are you willing to incur the further fee (beyond the Transfer of Equity fee)?

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

We need you to supply the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been completed?

Caveats to be read in supporting 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

Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of your covenants under 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 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 market value of the property at the time of completion of the transfer of equity conveyancing.
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 conveyancer 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 Whistletree transfer of equity