Recently asked questions relating to Adam & Company International transfer of equity

• Will I have to pay any fees for a Transfer of Equity where the current mortgage is with Adam & Company International?
• Is it possible to apply to request more money from Adam & Company International as part of a Transfer of Equity?
• My dad died last May leaving a unencumbered semi to me and my brother equally. He has always lived in the premises, there was a condition in her will saying the premisescould not be sold for 2 years following her passing so he could remain there for a prescribed period. He now says he would like to remain in the house beyond the specified period. We have discussed a transfer of equity. Would I be right in thinking that we should get a valuation then he'd get a home loan in the usual way to buy my half from me?
• I am transferring my equity in property in Woodside to my co-owners husband, they are reapplying to Adam & Company International. We are haggling as to who must cover the charges for the transfer of equity. Is this usually split or is one party obliged to cover the charges for?
• What legal advice do I need when doing a transfer of equity where the home loan is to remain with Adam & Company International?
• Can you tell me how to have someone removed from the deeds to a house where the home loan is with Adam & Company International
• My former wife are looking to get a conveyancer in place for a refinance with Adam & Company International. Transfer of Equity conveyancing is also requiredI have used the different comparison based tools and the results are from all over UK. How necessary is it to appoint a conveyancing solicitor local to us?

Examples of information requested in a conveyancing solicitor questionnaire relating to Adam & Company International Transfer of Equity

General Advice to read in further to the above Adam & Company International transfer of equity information :

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 properties

If your property is leasehold, the lease may require that you have a license to do so from the landlord. If such conditions are not complied with you may be in violation 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 lawyer 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 conveyancing.

Preparing the Transfer of Equity with a Adam & Company International 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 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 lawyer 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 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.