Recently asked questions relating to Astra Mortgages transfer of equity

• The mortgage broker has recommended their conveyancer for my Transfer of Equity plus remortgage with Astra Mortgages - Is it not simpler advisable to just instruct them?
• I am in the process of removing a name from a joint mortgage and the Astra Mortgages need me to use a lawyer to carry out the legalities. Can you recommend a reasonably priced Miles Platting conveyancer to deal with the transfer of equity? They need to be on the Astra Mortgages conveyancing panel.
• My former husband are looking to get a lawyer in place for a refinance with Astra Mortgages. Transfer of Equity conveyancing is also necessaryI have used the different rating based websites and the results are from all over England and Wales. Do we need to have a conveyancing solicitor local to us?
• Is there such a thing a transfer of equity stamp duty calculator?
• Taking into account that we have been 3 years apart I have decided to transfer my interest in our former home to my husband who is refinancing with Astra Mortgages. Could this transfer of equity be done in one month?
• Will I incur any charges for a Transfer of Equity where the existing mortgage is with Astra Mortgages?
• My partner and I co-own a flat in Blaenavon . Home loan is with Astra Mortgages. I wish to transfer full ownership to him with no passing of money but without using a lawyer. Do you think this should be simple?

Information that may be required from your lawyer could ask in relation to your Astra Mortgages Transfer of Equity

General Advice to read in conjunction with the above Astra Mortgages transfer of equity Advice :

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 Astra Mortgages conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

If your property is leasehold, the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such restrictions are not strictly observed 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 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 conveyancer will check with Astra Mortgages 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 Astra Mortgages 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.

Preparing the Transfer of Equity with a Astra Mortgages 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 Astra Mortgages 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 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.