Ahli United Bank transfer of equity example support desk enquires

• What are the average solicitors charges are for a transfer of equity? I'm in the process of remortgaging - new loan with Ahli United Bank - and have been quoted £350 excluding VAT by Ahli United Bank's appointed conveyancer, Is this a reasonable price?
• Two years ago I bought a house without my partner's name on the title documents. My conveyancer claimed it is because she was not in the mortgage with Ahli United Bank. I'm wondering is there any way that I can put her name on the documents at HM Land Registry?
• When it comes to transfer of equity conveyancing involving a remortgage with Ahli United Bank should I be invoiced VAT 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 mortgage broker has recommended their conveyancer for the Transfer of Equity plus remortgage with Ahli United Bank - Is it not simpler better to just use them?
• I am filling out a Ahli United Bank transfer of equity request and have come to the questions regarding debts etc. There are some debts that I have been paying off for a number of years, in fact they no longer remain my credit records. Do I need to disclose these?
• My decree absolute has gone through as is the consent order. Now I need to deal with the transfer of equity at the HMLR and the Ahli United Bank mortgage. I have contacted Ahli United Bank for the transfer of equity application. What are my next steps?
• My current mortgage is with Ahli United Bank. Can I transfer equity to someone less than eighteen years old?

Information that may be required from your lawyer is likely to ask about your Ahli United Bank Transfer of Equity

Caveats to be read in supplemental the above Ahli United Bank transfer of equity Questions and Answers :

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 Ahli United Bank 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 lawyer will check with Ahli United Bank 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 Ahli United Bank 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 valuation of the property at the conclusion of the transfer of equity transaction.

Preparing the Transfer of Equity with a Ahli United Bank 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 Ahli United Bank 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.

Content 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.