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Examples of recent questions relating to Whistletree transfer of equity

  • What can I do where I am unhappy with the conveyancing solicitor who did my transfer of equity transaction?
  • I purchased a house with my brother in 2008 Since then, we have both got married. We are now intending to do a transfer of equity so my name comes off the Whistletree mortgage. There is a 40k difference between the value the Whistletree hold and what the property would sell for currently. Can you offer any advice?
  • How much the typical conveyancing costs are for a transfer of equity? I'm in the process of remortgaging - new loan with Whistletree - and have been quoted £250 excluding VAT by Whistletree's approved lawyer, Is this a reasonable price?
  • Is there such a thing a transfer of equity stamp duty calculator?
  • My fiance and I equally own a buy to let. I am a higher rate tax payer. Preferably I wish to complete a transfer of equity to her sole name to mitigate tax on the letting income. Assuming Whistletree are happy with this the legal fees are not high. What are the implications when we dispose of the property? As I would no longer be on the deeds am I giving up my CGT relief.
  • When it comes to transfer of equity conveyancing involving a remortgage with Whistletree should I be invoiced value added tax on the following: (1) HMLR fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
  • My mum passed away early last year leaving a loan-free property to me and my step brother equally. He has always lived in the property, there was a clause in the will specifying that the housecould not be sold for 2 years following her passing so he could reside there for a while. He now says he would like to remain in the property beyond the specified period. We have discussed a transfer of equity. Am I right in saying we'd get a valuation then he'd get a mortgage in the traditional way to buy my equity?

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

Please list all persons who occupy the property, their respective ages and relationships to you.

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

Please let us know of you wish us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

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

Please provide a copy of your National Insurance Number?

Please provide the name(s) and addresse(s) of those who jointly own the property with you?

Important warnings to consider in conjunction with 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

If your property is leasehold, provisions in the lease may require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of 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 valuation 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 conveyancing solicitor 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 contained within 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