Sample questions relating to Whistletree transfer of equity
- I currently have a joint Whistletree mortgage with my step-brother and am looking into the possibility of him taking on the whole mortgage and removing myself from it, to enable me to purchase a place with my fiance. The outstanding mortgage is approx 175k, and the property value is about 600k. Is this a transfer of equity? Is stamp duty involved?
- Me and my partner jointly own a house in Wakefield
. Mortgage is with Whistletree. I wish to transfer full ownership to him with no exchange of money but without using a lawyer. Is this likely to be straightforward?
- Can you tell me how to have someone removed from the title documents to a house where the mortgage is with Whistletree
- Have recently separated from my wife of 18 years. I'm now living with my mum and dad and she wants to stay in the apartment and buy me out. What portion do I get. Is it half of the equity after redeeming the mortgage with Whistletree? I assume proper valuations are required but I would like to be confident that I'm getting the best deal
- I am hoping to remortgage my apartment in Timperley
moving from Santander to Whistletree. The home is jointly owned but propose for it to be in my sole name when I remortgage. My husband is OK with 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 2010 Since purchasing the property, we have both got married. We are now looking to do a transfer of equity so my name is removed the Whistletree mortgage. There is a 30k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
- What is the process for adding or removing names (transfer of equity) to or from my Whistletree mortgage account?
Sample of information requested in a lawyer form relating to Whistletree Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
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 sums
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?
Is it the case that one of the registered proprietors died? If so please forward us with a copy of all the relevant documents e.g. the will, death certificate etc..
Please provide the details of those who jointly own the premises with you?
Caveats to be read 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 properties
Should the tenure of your property be 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 your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
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 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 conclusion 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 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 conveyancer 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 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.