Common questions relating to Adam & Company International transfer of equity
- When it comes to transfer of equity conveyancing involving a remortgage with Adam & Company International should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- My ex are looking to get a conveyancing solicitor in place for a refinance with Adam & Company International. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over the country. Do we need to have a conveyancer local to us?
- My dad died seven months ago leaving a loan-free semi to me and my brother equally. Having continues to reside at the premises, there was a clause in the will specifying that the propertycould not be sold for 24 months following her passing so he could reside there for a specified time frame. He now says he would like to remain in the property beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a home loan in the traditional way to buy my half from me?
- I purchased a flat with my brother six years ago Since buying the property, we have both got married. We are now intending to do a transfer of equity so my name is removed the Adam & Company International mortgage. There is a 40k difference between the value the lender say and what the property would sell for currently. Can you offer any advice?
- I am am in need of a lawyer to undertake my transfer of equity. Adam & Company International are dealing with the remortgage. I thought of asking my financial adviser. I understand he will likely receive a kickback for suggesting someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
- Am I best advised stop my mortgage payments with Adam & Company International as soon as a date for my remortgage and transfer of equity has been agreed?
- My divorce is through as is the consent order. Now I must deal with the transfer of equity for the property and the Adam & Company International home loan. I have called Adam & Company International for the transfer of equity forms. What happens next?
Questions that your conveyancing solicitor may ask in relation to your Adam & Company International Transfer of Equity
Please let us know if you are making any payment for the Transfer of Equity and to whom and give details of any such sums?
Has 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..
Where you are adding a person on to the title deeds how would you like to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.
We need you to provide the National Insurance Number(s) of all the new owners (required for completion of the SDLT Form)
Has consent been obtained from Adam & Company International to the proposed transfer of equity?
Please give the name(s) and addresse(s) of anyone to be added to the property title?
Information to consider in supplemental the above Adam & Company International transfer of equity Info :
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 Adam & Company International conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold titles
If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to 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 Adam & Company International 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 Adam & Company International 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 the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company International.
Preparing the Transfer of Equity with a Adam & Company International 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 Adam & Company International 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 provided 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.
