Common questions relating to Whistletree transfer of equity

• My brother and I got a joint mortgage with Whistletree on a house about a year ago. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on an amount what happens next? Is there likely to be any concerns with Whistletree with him being on the hook for the total mortgage rather than only part of it?
• Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Whistletree?
• Last year bought a flat without my wife's name on the deeds. My conveyancer said it is due to the fact that she is not in the mortgage with Whistletree. Is it possible for me to put her name on the title?
• I own a flat in Blaenavon , with a Whistletree loan with my former partner. Him and his fiance are going to buy me out. We had consent from Whistletree to remove my name with hers. The transfer of equity has to be done by a conveyancer for Whistletree (supposedly). In order to save fees can I deal with the Land Registry formalities?
• What can I do where I am dissatisfied with the conveyancing solicitor who conducted our transfer of equity transaction?
• Can you tell me how to have a person removed from the deeds to a property if the home loan is with Whistletree
• I got my Decree Absolute in 2012. For some reason I never got around to transfer ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Whistletree is willing to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?

Information that may be required from your conveyancing solicitor could ask in relation to your Whistletree Transfer of Equity

General Advice to read in supporting the above Whistletree transfer of equity Questions and Answers :

Tax and Legal

There are numerous potential 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, the lease may require that you have a license to do so from the landlord. If such conditions are not strictly observed you may be in violation 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 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 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 valuation of the property at the time of completion of the transfer of equity transaction.

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.

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.