Sample questions relating to Landbay Partners transfer of equity

• Landbay Partners yesterday agreed I can take over the home loan on my home. I had applied for a transfer of equity but presumably there is a transfer of ownership at the Land Registry in addition?
• I am disposing of my share of a property in Warwick to the other co-owners fiance, they are sticking with Landbay Partners as the the existing mortgage company. We are debating as to who should pay the legal bill for the transfer of equity. Should this be split or is one party liable for the costs of?
• I recently bought a house without my fiance’s name on the deeds. My conveyancing solicitor advised it is due to the fact that she is not in the loan offer with Landbay Partners. Is it possible for me to add her name on the documents at HM Land Registry?
• I own a apartment in Crabtree , with a Landbay Partners loan with my former husband. Him and his new partner are going to acquire my share. We had consent from Landbay Partners to substitute my name with hers. The transfer of equity has to be done by a conveyancing solicitor for Landbay Partners (supposedly). In order to save fees can I deal with the Land Registry formalities?
• Is there such a thing a transfer of equity stamp duty calculator?
• I am under the impression we would need at least AP1 and TR1. Is this true?
• What is the process for having someone removed from the deeds to a house if the home loan is with Landbay Partners

Examples of questions in a conveyancer questionnaire concerning a Landbay Partners Transfer of Equity

Important warnings to consider in in addition to the above Landbay Partners transfer of equity Advice :

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 Landbay Partners conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is 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 violation of the lease. This could trigger 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 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 Landbay Partners 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 Landbay Partners 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 market value of the property at finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Landbay Partners 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 Landbay Partners 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.

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.