Whistletree transfer of equity example support desk enquires
- Me and my partner jointly own a house in Winchelsea
. Mortgage is with Whistletree. I would like to transfer full ownership to him with no payment of money but without using a lawyer. Is this likely to be straightforward?
- I intend to remortgage my home in Blaenavon
switching from HSBC to Whistletree. The home is currently in joint names but propose for it to be in my name only once I remortgage. My former partner has agreed to this and is happy to sign a form but neither of us want to incur lawyer charges.
- Can I apply to borrow a further advance from Whistletree as part of a Transfer of Equity?
- My dad died seven months ago leaving a mortgage-free house to me and my half brother in equal shared. Having continues to reside at the premises, there was a provision in the will saying the premisescould not be sold for 24 months after her passing so he could reside there for a specified time frame. He now wants to remain in the house beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to purchase my half from me?
- I already have a home loan with Whistletree and am retaining my current mortgaging but applying to have it in my sole name so my ex won't be on it any longer. How long can it take for the paperwork to be processed?
- Me and a friend got a joint mortgage with Whistletree on a apartment in 2013. I am now looking to get a flat by myself and my friend would like to buy me out. Once we have agreed an amount where do we go? Is there likely to be any issue with Whistletree with him being on the hook for the total loan as opposed to only part of it?
- Been looking at consumer blogs that solicitors are more expensive than conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor if I need to be transferring equity and simultaneously refinancing with Whistletree
Examples of information requested in a lawyer questionnaire relating to Whistletree Transfer of Equity
If you are adding a person on to the property how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.
Will there be any payment between the parties for the Transfer of Equity? Where this is the case, please state the amount and who is to receive the same
Who will be responsible for the costs of the Transfer of Equity?
Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the Stamp Duty Land Tax Form)
Please give the details of anyone to be added to the title deeds?
Important warnings to consider in further to 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 titles
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 freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, 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 conclusion of the transfer of equity conveyancing.
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 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 lawyer 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 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.