Sample questions relating to Landbay Partners transfer of equity

• I am hoping to remortgage my home in Ampthill switching from Nationwide to Landbay Partners. The flat is jointly owned but wish for it to be in my sole name as and when I remortgage. My husband has verbally consented to this and is willing to transfer equity but neither of us want to get a second conveyancer involved.
• I am trying to find a lawyer to undertake my transfer of equity. Landbay Partners are dealing with the refinancing. I considered asking my mortgage broker. I am lead to believe he may receive a kickback for suggesting a firm, but also of benefit will be that he knows the conveyancer, has dealt with them before. Any flaws you see in this way of thinking?
• I recently purchased a flat without my wife's name on the title documents. My lawyer claimed it is due to the fact that she is not in the loan offer with Landbay Partners. Is it possible for me to put her name on the deeds?
• Given that we have been 2 a couple of years separated I have made the decision to relinquish up my share of our former home to my husband who is refinancing with Landbay Partners. Could this transfer of equity be done in less than four weeks?
• What are my options where I am unhappy with the conveyancing solicitor who conducted my transfer of equity conveyancing?
• I understand we would need at least AP1 and Transfer Deed. Is this true?
• What is the process for having someone removed off the title documents to a house if the mortgage is with Landbay Partners

Questions that your conveyancer could ask regarding your Landbay Partners Transfer of Equity

Important warnings to consider in further to the above Landbay Partners 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 Landbay Partners conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you have a license to do so from the landlord. If such conditions are not complied with 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 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 conveyancer 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 is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Landbay Partners 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 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.