Aldermore Bank transfer of equity example support desk enquires

• Is it sensible to stop the direct debit for my mortgage with Aldermore Bank once a date for my remortgage and transfer of equity has been set?
• What is the process for having someone removed off the title documents to a house if the mortgage is with Aldermore Bank
• I acquired a property with my brother five.seven years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name is taken off the Aldermore Bank mortgage. There is a 40k difference between the 'rightmove estimate' and what the property would sell for currently. Can you offer any advice?
• My partner and I co-own a house in Romsey . Home loan is with Aldermore Bank. I want to transfer full ownership to him with no payment of money but without using a conveyancer. Do you think this should be straightforward?
• My ex-fiance and I are are looking to find an affordable conveyancing lawyer to assist in a transfer of equity and refinance with Aldermore Bank. I want to avoid being ripped off but with many conveyancing solicitors who do transfer of equity conveyancing to pick from...how do I know which one is best appoint?
• I plan to refinance my apartment in Witham switching from Accord to Aldermore Bank. The flat is currently in joint names but intend for it to be in my name only when I transfer. My husband has verbally consented to this and is willing to transfer equity but neither of us want to incur conveyancer fees.
• I am completing a Aldermore Bank transfer of equity request and have arrived at the questions concerning debts etc. There are some debts that I have been clearing over a long period, in fact they no longer remain my credit rating. Do I need to set these out?

Examples of questions in a conveyancing solicitor questionnaire relating to Aldermore Bank Transfer of Equity

Caveats to be read in supplemental the above Aldermore Bank transfer of equity information :

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 Aldermore Bank conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such restrictions are not strictly observed 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 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 conveyancing solicitor will check with Aldermore 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 Aldermore 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 finalisation of the transfer of equity conveyancing.

Preparing the Transfer of Equity with a Aldermore Bank 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 Aldermore 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.

Information contained within 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.